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Ultimate Review Packet- Micro Unit 5 Factor Markets Practice Part 1: Chart Practice?- ?Use the chart for a firm in a perfectly competitive labor market to answer the questions.
1. Assume that the market price of the product is $3 and the wage is $15. How many workers should be hired to maximize profit?
a. What is the fixed cost (FC) of doing business? b. What will be the total cost (TC), total revenues (TR) and profit (P) for 50 cups of lemonade?
Find Helen's optimal consumption basket. Show this result graphically, labelling as many points as you can.
Think of an area where you have more knowledge than the average person...when would you be most likely to use the subordinate-level descriptions?
If a home is known to be more than $250 000, what is the probability that it is less than $280 000?"
The manager of a Burger Doodle franchise wants to determine how many sausage biscuits and ham biscuits to prepare each morning for breakfast customers. The two types of biscuits require the following resources: Formulate a linear programming model fo..
Suppose there are two star players in the NBA, Shaquille O’Neal and Kobe Bryant. Shaq can score 35 points per game or assist 12 times. Kobe can score 30 points per game or assist 15 times. Assuming they specialize in one or the other, who has the com..
Suppose an airline is losing money because they cannot fill enough seats in their flights with passengers. The airline would offer a flight only if at least 70% of the seats could be filled. The average total cost for the typical flight is $12,600. W..
Indicate how the Federal Reserve would use each of the tree monetary policy tools to pursue an expansionary policy and a contractionary policy.
Explain how an increase in income would affect the level of health in a relatively affluent country like the United States.
A network carrier serves 39 spoke cities from a single hub. How many city-pairs does it serve? This same airline adds a 40th spoke city to its network using a 100 seat capacity aircraft. On a flight from this 40th spoke to the hub, how many passenger..
Suppose that, as an owner of a federally insured S&L in the 1980s, the price of real estate falls, and most of your loans go into default. In fact, so many loans go into default that the net worth of the S&L is negative ($5 million). Which investment..
Illustrate what is the marginal revenue from selling another book for the author. Explain how does it compare to the marginal revenue
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