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Suppose a society consists of three cities (A, B , C. ) with populations of 99,000 , 51,000 , 6,000 people respectively. Suppose that the society has 15 doctors total.
a. What cities will have how many doctors?
b. If the number of doctors doubles to 30. How many will live in each city?
My professor didn't answer it when I asked if I had it correct... but his advice : Calculate the number of doctors per capita in each city for the answer you think is correct. If you cannot move doctors from one city to another in a way that allows that doctor to have more patients in the new city than in the old one, then they are in equilibrium.
Touchie MacFeelie's production function is 0.1J1/2L3/4 where J is the number of old jokes used and L is the number of hours of cartoonist's labour. He is stuck with 900 old jokes for which he paid $6 each. If the wage rate for cartoonists is $5 per h..
Which of the following actions by a nation's central bank would be most effective in reducing inflation?
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The Robbins Corporation has the following production function for producing diving masks: q = K + 2 (L)(1/2) Its input prices are pK = $6 and pL = $4. It can sell as many masks as it likes for $20 each, which means that the marginal revenue or MR for..
How could such a policy create challenges for trading partner relationships? What are the trade war possibilities? What would you propose if you were in Congress
Which of the following would be the least likely method for firms to raise the financial capital they need to pay for new equipment?
Define the marginal revenue product (MRPL ) and the marginal cost (MCL ) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.
Cost of a part increases by 3$ every 6 months. If the cost for the first semiannual period is expected to be $85, what is the present worth of the cost for a 4-year time period at an interestrate of 1% per month?
Which of the following changes might help solve a divisional conflict regarding a decision? If you were a manager of a cost center, which of the following areas would be of most interest to you? Which of the following actions is consistent with a man..
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to lawyers' wages? How doe..
A firm is considering a capital investment. The risk premium is 0.04, and it is considered to be constant through time. Riskless investments may now be purchased to yield 0.06 (6%). If the project’s beta (?) is 1.5, what is the expected return for th..
Crew Brew of Wisconsin plans to build a microbrewery on a small stream in that state. After sampling water from the stream, Chris Pierson has found that it is contaminated with pulp and paper waste from a local paper mill.
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