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A competitive firm sells its output for $45 per unit. It employs 30 workers, and the marginal product of the 30th worker is four units of output per day. It pays its workers a wage of $150 per day. Which statement will help the firm make the right decision regarding hiring a 31st worker?
Now consider the problem of a retailer like Circuit City or Best Buy. Such retailers can sell as many copies of Vista they like at the prevailing market price of $200.
following would most likely increase the price of automobiles
What is the answer Market for used cars Qd =154,000 -86 Psupply: Qs=-100 +14 P what would be the quantity supplied if a price floor is set at $2,00
How does a network externality serve as a barrier to entry? Is this barrier surmountable? Provide one example. Make sure you carefully explain your answer.
Instead of increasing government spending by the amount you calculate, what would be the tax cut required to achieve elimination of the GDP gap?
Say that the bundle of goods purchased by a typical consumer in the base year consisted of 20 gallons of milk at a price of $1 per gallon and 15 loaves of bread at a price of $2 per loaf. What would the price index be in a year in which.
Explain the basis of one of the Leading Economic Indicators. What local indicators of improved economic conditions might one see in his or her local community, town or city?
What is elasticity of demand and how is the notion utilized in economics? Please explain and elaborate.
Popular software can cost thousands of dollars even though the marginal cost of producing another copy on CD or via download is near zero.
As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Assume the central bank of the economy described in the last problem expands the money supply and manages to reduce the interest rate to 3.2 %. Determine the new equilibrium values of the endogenous variables.
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