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Marginal Productivity & Price Elasticity
Marginal Productivity and CostsIn the short run, machinery is fixed and labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declininga. The marginal cost of producing output must be rising if output is increased.b. average product of labor must also be rising.c. average fixed cost must be greater than average variable cost.d. None of the above.
Own Price Elasticity and RevenueMillie produces and sells 300 jars of honey per day at a price of $8 per jar. In order to increase total revenues, she plans to increase prices from $8 per jar to $10 per jar. Mollie's strategy will work so long as:a. The demand for honey is inelastic between $8 and $10.b. The demand for honey is elastic between $8 and $10.c. Honey is a normal good.d. None of the above.
Own Price Elasticity of WaterDue to drought conditions, the local government wants to reduce the quantity demand of water by 10%. If it is estimated that the price elasticity of demand for water is -0.3, by how much (in percentage terms) must the price of water be increased to reach this goal?a. 33.3%b. 3.0 %c. 0.3%d. 0.003%
Give at least three explanations of why economic reasoning would argue that this is to be expected.
How does an active fiscal policy helps or hinder long-run growth in the economy.
A price-discriminating monopolist of the 3 rd degree sells output in 3 different markets. Some, but not all pairs on the 3 linear market demand curves are given below.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
Show the changes to the T-accounts for the Federal Reserve and for commercial banks when the Federal Reserve buys $50 million in U.S. Treasury bills.
Explain the most important economic, political or social issue facing the United States.
Show these data graphically. Upon what specific assumptions is this production possibilities curve based? What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a lev..
Which of the following is the best example of a monopolistic competitor? Firms in a monopolistically competitive industry produce:
The Lexus LS 430, the top of the line Lexus sedan, riad a base price in Canada of C$85,700 during the fall of 2005. Restated in US dollars using the exchange rate prevailing then, that price is $71,885.
Because net exports are counter-cyclical, analyze how the following change during an economic expansion: Consider the case in the context of a flexible exchange rate and a fixed exchange rate.
US cigarette makers face enormous punitive damage penalties after losing a series of class action lawsuits-What action do you suppose the cigarette companies took to avoid bankruptcy?
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
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