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A profit-maximizing firm will use less of a factor of production when:
A. The extra cost of using an additional factor unit is greater than the marginal physical product (MPP) of the additional factor unit.
B. The marginal physical product of the additional factor unit is greater than the marginal revenue product (MRP) of the additional factor unit.
C. The extra cost of using an additional factor unit is greater than the marginal revenue product of the additional factor unit.
D. The marginal physical product of the additional factor unit is less than the marginal revenue product of the additional factor unit.
A company uses 20 work units and 30 units of capital to produce 4,000 units of product. In this combination the marginal product of labor is 50 and the marginal product of capital is 40. The price of labor is $ 30 and the price of capital is $ 20. Th..
For each of the situations below use supply elasticity to explain the how the equilibrium price and quantity change. (a) The demand for collectable baseball cards from the 1950s increases. (b) The demand for silver decreases. (c) In the long run, the..
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Suppose an individual dairy farmer in Northamptonshire decides that going price for milk is too low. Explain effects of this strategy.
The defined benefits pension fund of G-Tech Electronics has a net value of $2.71 billion. The company is switching to a defined contribution pension plan.
Suppose a closed economy decides to lower taxes (assume Ricardian equivalence does not hold), all else held constant. What will happen to savings, investment, and the interest rate? Show graphically what happens (be sure to label curves, axes, equili..
Estimate t-statistics for each variable and elucidate Illustrate what inferences can be drawn from m. If R2 of this equation is 0.25, illustrate what inference can be drawn from it.
Use the graph to illustrate the economic concepts of scarcity, unemployment, inefficiency, and opportunity costs. When possible, use data points on the graph to accompany your verbal explanation.
Suppose that on Tuesday morning, the Federal Reserve announces that it will conduct an expansionary monetary policy by changing the required reserve ratio from Monday’s value. To expand the money supply, the Fed could set the required reserve ratio a..
Suppose the services of a road are subject to congestion after 50,000 vehicles per hour enter the road. Assume that it is feasible to price road services on an hourly basis. Create a graph similar to the one in Figure 4.2 of the textbook to show how ..
Give some examples of how other religious traditions, from both inside and beyond South Asia, deal with issues of impermanence and suffering. In terms of religious ideology, what are effective ways of dealing with these issues?
The city of Morse recently completed the construction of a bridge across the Ohio River at a total cost of $133,453.95. The length of the bridge is 276,389 feet. The city of Edison three miles up river wants to build there own bridge which have to be..
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