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A canola farmer produces kilograms of canola, y, using land (input 2) and labor (input 1) the Marginal Product of Labor is: (2x.5/x.5)-1 (with x2 on the top and x1 on the bottom) ?she has 16 units of land that she uses all of, and she has unlimited amount of her own labor services (her opportunity cost is 0)
So how much labor will she use for 16 units of land?
Question: How does the reduction in interest rates lead to lower unemployment rates? Explain the mechanism
In 2007, five or six major pharmaceutical companies formed a group in order to control the price of vitamins and adjust their production. Such an arrangement is called a ________.
application barriers to entry and product homogeneity and their effectsbarriers to entry are forces that inhibit firms
What are the differences between Monopolistic competition and Monopoly?
Expenses (not including depletion allowances) were $2,500,000. What are the percentage depletion and the cost depletion allowances?
If a product becomes more popular among buyers, then its supply will decrease and its price will rise as shoppers buy more of it from the sellers. If the government grants a subsidy to homebuilders, then the supply of lumber will increase because lum..
Suppose that the home country is relatively abundant in low-skilled workers and the foreign country is relatively abundant in high skilled workers. What good does the home country have a comparative advantage in producing? Explain.
In general, explain the connection between a Happiness or Utility function that exhibits Diminishing Marginal Utility or Happiness, on the one hand, and risk-aversion, on the other.
Canada currently is our largest export partner and third largest source of imports. In 2012, U.S. export of goods to Canada totaled $159 billion and U.S. imports from Canada totaled $176.9 billion.
According to the Stolper-Samuelson theorem, would you expect all workers across the globe to favor limiting trade given that due to technological advances, production of most goods the world over are capital intensive? Why or why not?
Suppose you were having lunch with your best friend who just enrolled in an economics class. He was complaining about Explain how irrelevant class was, commenting that he saw no useful purpose for economics.
For this discussion activity, you will find two examples of where an organization and management excelled in ensuring employees were properly compensated, including benefit packages, and then provide two examples of where an organization failed in..
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