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Marie has a small publishing company that produces textbooks. She has fixed costs of $1800/month and hires workers (assume the only thing necessary to produce more books is to hire more labor) for $2000/month. The table shows Marie's monthly production function. With as much precision as possible, calculate the following;
a. Total Cost of production when four workers are employed.
b. The output level that produces the lowest average total cost
c. The price that Marie must charge in order to break even on the production of 130 textbooks.
How will this change in the price level affect the demand for money and the equilibrium interest rate?
Suppose that a company has a fixed proportions production function that requires it to use two machines and one worker to produce 1000 units per hour. Explain why the cost per hour of producing 1000 units is 2v+w (where v is the hourly rent for the m..
What is adverse selection? How does its existence affect the market for health insurance? What are some ways insurance companies protect themselves from adverse selection?
The selected project should be large enough to allow reasonable exercise of the system analysis and design process.
You sell bracelets online. The demand for these bracelets is: At what price should you sell the bracelets?
Illustrate what will be the short run effect of government imposition of a lump sum tax per firm equal to 170? If this tax remains
if people never withdraw cash from banks, what how much money could the banking system potentially create.
Calculate the original market equilibrium price and quantity in absence of the price support policy.
Stacy lives and banks in Texas. The reserve requirement is 20%. If Stacy sells government bonds to the Federal Reserve for $1,000,000, will the money supply likely rise, fall, or not change?
Total unemployment compensation increases during recessions with no change in benefit rates.
There are two types of coal mines in operation: “above-ground” mines, which involve very little risk to the miners, and underground mines, which are considerably more dangerous. What would be an economist’s estimate of the value of a statistical lif..
Where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. Suppose that Kalamazoo's marginal cost is $20 per cubic yard and its avoidable fixed cost is $100,000 per year. what is its profit-maximiz..
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