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The number of repairs manufactured through a computer repair shop depends on the number of employees as follows:
#of Workers #of Repairs
0 01 82 203 354 455 526 577 60
Suppose that all inputs other than labor are fixed in the short run.
a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers
b)Over what range of labor input are there increasing returns to labor? Diminishing returns to labor? Negative returns to labor?
c) Over what range of labor input is marginal product greater than average product? What is happening to average product as employment increases over this range?
d)Over what range of labor input is marginal product smaller than average product? What is happening to average product as employment increases over this range?
Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific.
Imagine one of worst case scenarios realizes in October 2012, in which Greece does not belong to the eurozone any more, so Greece goes back to use of its own currency, Greek drachma.
Assume the firm raised the price to $4.00 while increasing the advertising expenditures by $100. Would this be beneficial. Explain. Illustrate your answer with the demand schedule.
Compute Brazil and the United States with the state of the economy.
Suppose after taxation that the consumer is given a payroll tax rebate that happens to be exactly equal to the amount of gasoline tax he pays. Illustrate what will be the consumer consumption of gasoline now and how much will be the amount of reba..
Elucidate how does the fiscal policy impact your organization or a selected organization with which you are familiar. Provide two scenarios to show the impact.
Write down an equations for total revenue and marginal revenue.
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Find out the marginal utility for each chicken piece. What is the meaning of the marginal utility of the 11th piece.
As what will happen if the marketplace is characterized by sticky wages.
Why will resources specialize according to their comparative advantages. Explain why will this specialization increase production.
It is well documented that carbon monoxide emissions from combustible engines increase in colder climates. This implies that associated damages are expected to become less severe in summer months than in winter.
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