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The manager of a Vancouver night club has observed that the number of male customers who visit the clubs follows as poisson distribution with the mean of 30 per day and the number of female customers who visit the club follows the poison distribution with the mean of 20 per day . The entrance ticket is $20 per male and $10 per female.
Elucidate how many workers the firm should hire for different values of the wage rate in order to maximize profit.
Elucidate how do you find the angle of the ray the isoquants are on. One more unit of capital does the firm no good. Draw the isoquants for this production function.
What is the basic difference between Classical and Keynesian economics? What role does government play in the Keynesian model? What is a recessionary gap, and how can government work to correct this? Are wages and price flexible or inflexible? Explai..
Consider a small open economy in the short run where the government decreases the tax rate. What direction (+/-/or no change) does the tax decrease impact: Y, Money Demand, r, e, and C. You own a hat company which sells both domestically and abroad. ..
How would each of the following changes affect the demand curve for acupuncture? a. The price of an acupuncture session increases. b. A reduction in back problems occurs as a result of sessions on stretching on a popular television show.
In the local In a local market, the monthly price of Internet access service decreases from $20 to $10, and the total quantity of monthly accounts across all Internet access providers increases from 100,000 to 200,000. What is the price elasticity of..
Could a service industry utilize production line approach or self-serve design also still keeps a high customer focus
Suppose V=$0, what is Jim's labor supply function now. Draw his labor supply curve. Illustrate what happened to his wage and substitution effects.
Gold maybe a better store of value than US money, but it would function as a poorer medium of exchange and unit of account than US money. Do you agree with this statement? If yes, please explain why you agree. If no, please explain why you disagre..
The Washington Consensus, corporate personhood, the IMF, World Bank and etc. have created a global economic and political framework. Specifically using the book, “Bad Samaritans”, discuss the current socio-political and economic world order within th..
Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market..
Leadbelly Co. sells pencils in a perfectly competitive product market and hires workers in a perfectly competitive labor market.
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