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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?
Discuss how is it possible to change society, for Marx, through using relationship between economy on the one hand and the political environment on the other.
you are starting your own internet business.nbspyou decide to form a company that will sell cookbooks online.
Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline
Key concepts to include in your paper--Monopoly Market Structure, Characteristics of Pure Monopoly, Barriers to Entry into the market, Natural Monopoly, Government Monopoly, Downward Sloping Demand Curve, Economies of Scale, Monopoly Pricing, Pric..
Use the demand and supply analysis to explain how higher price of corn impact the market for Ethanol (a motor fuel manufactured from corn and can be used to power the engines of many Automobiles).
a study of 86 savings and loan associations in six northwestern states yielded thefollowing cost function c 2. 38 2.84
Assume the reserve ratio is 20%.If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $1000 deposit?
The short run variable costs below are for a firm in a perfectly competitive market. All firms producing this good have the same costs. The demand is the market demand for the good this firm produces
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give the cost-benefit analysis for the company which has to decide whether to hire more staff or hire temporary workers
Other things being equal, what will happen to automaker's profits if they are able to sell more vehicles using battery packs and thereby scale up battery production? Why do you suppose that some automakers support the payment of government subsidies ..
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
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