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Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape?
a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense?
(Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
World Trade Center and Pentagon affected short and/or long-term productivity in United States. Elucidate your response and show any movements in PPF.
biolyses is a biotech division of alphacon pharmaceuticals. in its 8 years of survival biolyses has had only one drug
Illustrate what is the key assumption of the basic Keynsian model? Explain why this assumption is needed if one is to accept the view that aggregate spending is a driving force behind short-term economic fluctuations.
Discuss how the two alternatives listed differ on the public-private continuum. Also describe how appropriate public policy might differ as the industry moves.
q1. a plant has a capacity of 4100 hydraulic pumps per month. the fixed cost is 504000 per month. the variable cost is
q.1. suppose that ex is the exchange rate among the u.s. dollar and the chinese yuan in that ex indicates the number of
Apple has had some success in unseating Windows, or at least reducing its market share. Select the top two strategies, in order, that you believe have contributed to this success.
Which of the following would cause a shift of the supply curve for hot dogs check all that apply?
q. consider the following examples of economic activitiespurchasing of groceriesmassive layoff of employeesdecrease in
Suppose the demand and supply curves for basketballs are given by: Qd = 200 – 5P. Using the demand and supply functions above, the equilibrium price of a basketball is ____, and the equilibrium quantity is ____. On the same graph above, show the effe..
Discuss how supply and demand would be affected under each of the four degrees of competition (pure competition, monopolistic competition, oligopoly, and monopoly). Give specific examples to support your response.
Demand for good X has been estimated at Qxd = 12-3Px+4Py. Suppose that good X sells at $2 per unit and good Y sells at $1 per unit. Calculate the own price elasticity.
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