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1. Discuss two factors that would increase demand for labor. (Hint: Recall that the demand for factors of production or resources is called a derived demand)
2. Suppose if the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.
"A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
Assume capital is fixed at 16 units. If the company can sell its output at a price of $100 per unit and can hire labor at $25 per unit,
The manufacturer of high quality flatbed scanners is trying to decide what price to set for product. The cost of production and the demand for product are assumed to be as follows:
The following production function are given and solve this problem using an spreadsheet approach and then do the problem using the optimization procedure
Describe critically growth maximisation model of morris - Grade Level : Post Graduate Level
Suppose you are the manager of a company that produces products X and Y at zero cost. You know that different types of consumers value your two products differently,
If a production function is given through the equation Q=12X+ 10x2- x3 where X= input and Q=output then provide the computation for average product.
Determine the official measure of the deficit
Linear programming is a mathematical technique used to determine the optimal solutions to certain specific problems.
Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
Let the production function be given through, Assume the plant size (K) is fixed in the short run at 100.
An economist had estimated sales trend line for the Sun Belt Toy Corporation as follows:
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