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You are an employer seeking to fill a vacant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired? If you observe that your average product is just beginning to decline, should you hire any more workers? What does this situation imply about the marginal product of your last worker hired? State how the law of diminishing returns is reflected in the shape of the total product curve and indicate the relationship between diminishing marginal return and the stages of the production. You can use any suitable production data.
A drawback to using the high-low methods is that this method is based on:
A firm contemplating entering the market would need to invest $100 million to build a minimum efficient scale production plant (or about $10 million annually on an amortized basis). Such a plant could produce about 100 million pounds of cereal per ye..
Do you believe China is better than America with regards to capitalism and economic growth?
Compute the optimal pricing scheme of the iphone, Assume which there are equal numbers of every customer type.
Compare and contrast the two main perspectives on business power in the US economy (dominance and pluralistic) and choose the one more applicable to contemporary US.
What is the true hourly cost of this trainee to the company for every hour actually spent programming in the first year of employment?
Using your answers above, why does the growth rate of real GDP differ depending on the base year? Explain how the technique of Chain-Weighted Real GDP alleviates this problem.
What two parts of government determine the federal budget? According to the quantity theory of money, when the money growth rate is significantly lower than the growth rate of potential GDP = real GDP, the economy is experiencing
Wong subscribes to the 6M plan and uses 150 hours a month. Suppose that Wong's demand curve is a straight line such that if the price of access were HK$20 per hour or higher, she would buy nothing. Draw her demand curve, and calculate her buyer surpl..
Demand and Supply Curves. Demand and supply condition in the market for unskilled labor are important concerns to business and government decision makers. Consider the case of a federally mandated minimum wage set above the equilibrium, or market cle..
Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended warranty at 2% of the product price? Discuss both mor..
You run a small business that uses both capital and labor to produce your output. The machinery (capital) has a marginal cost equal to $25 per hour and a marginal product equal to 50 units per hour. The marginal cost and marginal product of capital a..
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