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Marginal Revenue Product
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will affect its MRP and profits. See the table below, and answer each of the questions.
a. The marginal product of the 3rd pound of plastic is ________.
b. The marginal revenue product of the 3rd pound of plastic is ______.
c. The price of plastic is $135 per pound. To maximize profit, the producer should produce
__________________.
d. The price of plastic is $135 per pound. To maximize profit, the producer should buy and use:
A proposal has been made to replace a large heat exchanger (3 years ago, the initial cost was $85,000) with a new, more efficient unit at a cost of $120,000. The existing heat exchanger is being depreciated by the MACRS method.
Economists often study and evaluate economic policies by country or region. As an economist, evaluate different regional trading arrangements. Select one regional trading arrangement and describe three economic effects of the arrangement. Plea..
Your firm produces two products, Q1 and Q2. An economic consulting firm has estimated your cost function to be C (Q1, Q2) = 100 + Q1Q2 + (Q1)^2 + (Q2)^2. Are there economies of scope?
One roommate says that he buys stock only in companies that everyone believes will experience big increases in profits in the future. How do you suppose the price-earnings ratio of these companies compares to the price-earnings ratio of other compani..
select a country of your choice and collect the following data for the most recent year available. refer to the
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
One of the functions of price is to ration resources and goods and services. What do we mean when we say price serves as a rationing device Elaborate your response in relation to scarcity and in terms of the demand and supply model
As the manager of a 60-unit hotel you know that all units are occupied when you charge $80 a day per unit. Each occupied room costs $8 for service and maintenance a day. In addition there is a fixed cost of $400 a day. You have also observed that for..
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In the long run, the Martha Mowers can assemble 300 mowers per week at a total cost of $18,000, 400 mowers at a total cost of $24,000, or 500 mowers at a cost of $35,000.Plot points of the long-run average cost curve for these three levels of outp..
Assuming that overall taxes are cut by 10 percent across the board. What's likely to happen to equilibrium output and prices How will the tax cut affect government revenues in the new equilibrium
Historical data suggests that in the athletic shoe industry, the price elasticity for shoes is approximately -0.67. Explain what price elasticity is, and how to interpret the stated elasticity for athletic shoes of -0.67.
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