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Q. Suppose a factory can produce a shirt for the equivalent cost of 2 loaves of bread, and a household can produce a shirt for the equivalent cost of 6 loaves of bread. The factory is located in a rural area with a uniform population density. It costs the equivalent of 1 loaf of bread for a household to make a one mile round-trip to and from the factory.
a. Assuming zero profit (the consumer pays the factory's cost of production only); what will be the radius of the factory's market area?
b. Now suppose the factory develops an innovation that allows it to produce a shirt for the equivalent of 1 loaf of bread. What is the new radius of the factory's market area?
Suppose it had begun an expansionary policy early in 1981. What does the text's analysis of the inflation unemployment cycle suggest about how the macroeconomic history of the 1980s might have been changed.
Does the law of diminishing marginal returns apply to this firm's production process. If so, explain why and find the quantity of labor at which diminishing marginal returns.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
New manufacturing technologies are often viewed as labor saving in nature. Using a production possibilities frontier with manufactured capital goods on one axis and labor-intensive goods on the other axis.
Suppose she is offered a new job that would pay her $15,000 and would bring her earnings high enough so that she no longer qualified for any welfare benefits.
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
As vice president of sales for a rapidly growing company, you are grappling with the question of expanding the size of your direct sales force.
Solve for steady-state level of captial and output. What savings rate would be necessary to achieve a steady-state output of 150.
A county is considering using a piece of park land for one of two alternative recreation projects.
What are price indexes designed to measure. Outline how they are construed. When GDP and other and other income figures are compared across time periods.
Make sure to make available examples of real world to strengthen your position of wherever this might be case
The number of taxicabs in Motorville and the taxicab fares are regulated. The fare currently charged is $5 a ride. Motorville taxicab drivers want to obtain government's permission.
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