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How does the lack of discretionary income for half of US households affect the relevance of economic policy based on free market theory?
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000. What is the marginal product of labor?
A pump cost $29,238 when it was purchased. The cost to operate the pump were $500 the first year and increased $50 per year for each of the next 10 years of the life of the pump. The pump has a salvage value of $5675 today, at the end of its 10 year ..
The Landrum-Griffin Act of 1959 was passed in reaction to: Which of the following would not be considered a fringe benefit? The process by which unions and management negotiate a contract is called: Strikes are costly to:
Grow Fertilizers Company purchases a gravity settling tank of the $30,000 purchase price. The company finances 30% of the investment with a loan to be repaid with eight equal semiannual payments at an annual interest rate of 12% compounded semian..
What is a decision rule? Why do we need it and how is it developed?Define and describe Type 1 and Type 2 errors - which, in your opinion is more egregious?
What is the total purchase of tennis racquets? Why?What is the consumer surplus? Why?What is the increase in consumer surplus when the market price drops to $ 50?What is the increase in producer surplus when the market jumps to 80?Deduce and explain ..
What is the dollar value of the deadweight loss when output level Q3 is produced? What is the dollar value of the total surplus when output level Q3 is produced?
What are intermediate goods? Why do economists exclude the value of intermediate goods while calculating national income - What is aggregate demand? What are its major components - Explain some of the steps that a government would wish to adopt in an..
(b) Suppose that the firm is a monopolist. Assuming the firm produces a positive level of output, calculate the output and price it sets. Explain why the profit-maximizing price is greater than the monopolist's marginal cost.
consider the production function ql12k2.a what is the expression for mrtslk given this production function?b does this
1.Suppose in the short run a perfectly competitive firm has variable cost = 6q2, and MC = 12q where q is the quantity of output produced. Also, the firm has fixed cost F = 6144.
(1)Compute the optimal prices, and the Lerner index and inverseelasticity of demand for each good. (2)Now suppose the goods are produced by two firms that chooseprices simultaneously. Compute the Nash equilibrium and compare
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