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An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls). Number of operators Total minutes of personal calls (per hour) 0 600 1 480 2 410 3 370 4 350 a.If operators receive $25 an hour, what is the minimum possible total cost of personal calls (per hour)? b. What is the most the agency would be willing to pay the first operator?
Plot a graph of GDP per capita against life expectancy for the countries shown. Does your plot con?rm the Pritchett and Summers ?nding?
graph the equation y 14 - 2x. your graph should be carefully labeled with y on the vertical axis and x on the
Find out the firm's optimal quantity, price, and profit (1) by using the profit and the marginal profit equations and (2) by setting MR equal to MC. Also provide a graph of MR and MC.
Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment and write an equation that describes the steady state of this economy.
suppose there are only two donut shops brendas and julies. these two donut shops produce identical products. demand for
In what ways does economics class relates to the real world? How does knowledge gained from economics teaching been valuable in helping somone understand or evaluate events or policies?
The principal-agent problem arises when the interests of owners and workers diverge. because of diminishing marginal returns. when the interests of owners and workers converge. because of the profit incentive.
A firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50.What will be the result?
Decribe how the Bank of Canada can affect interest rates and money supply in Canada. Be specific about the tools that are available to the Bank for such purposes.
If a competitive firm is producing at an output level for which price less than marginal cost, the firm:
Incorporate this modified definition of YD into the private savings function, and identify explicitly the impact of a change in TR on private savings.
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