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Q1. Labor costs $12 per hour. Nine workers produce 180 bushels of product per hour, whereas 10 workers produce 196 bushels. Land rents for $1,200 per acre every year. With 10 acres worked by 9 employees marginal physical product of an acre of land is 1400 bushels every year. Does the farmer minimize costs by hiring nine workers and renting 10 acres of land? If not, which input should he use in larger relative quantity?
Q2. If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity?
Calculate lim x?0- f'(x) and lim x0+ f'(x). Calculate f''(x), and find any inflection points and the intervals on which f(x) is concave up and concave down.
Compute the output and price of wood working if it is produced under competitive condition without regulation. Determine the socially efficient price and output of woodworking.
How might advertising make markets less competitive? How might it make markets more competitive? Give the arguments for and against brand names.
Talk about the ramifications involved in conducting business under both/either scenario.
Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
Chrysler announced a new incentive program on its minivans that included subsidized interest rates also cash allowances.
Compute what happens to the quantity of K. Your answer must include the appropriate sign. Correctly round your answer to 2 decimal places. Do NOT include the percent sign as part of your answer.
Using two-stage least squares, estimate the demand equation in GRETL. Using two-stage least squares, estimate the supply equation in GRETL.
Explicates how the factors determining resource demand differ from those determining product demands.
The manager of a corporate division faces the posibility of an audit every year. She prefers to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere.
X-Corporation produces a good (Called X) that is a normal good. Its competitor, Y-Corp makes a substitute good that it markets under name "Y." Good Y is an inferior good. How will demand for good X change if consumer incomes increase.
Assume you are compiling your research report. How would you present the statistical information within this case to the IndustryWeek decision maker, the manager who must decide whether or not to continue to publish reader service cards?
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