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A firm has inventory of second-generation chips for $100,000 based on their price a year ago. Since then, third-generation chips have been introduced in the market and the price of the old chips has been reduced by 10%. What is the opportunity cost of holding the inventory of the old chips today? Explain.
Company ABC uses two inputs, labour and capital, in its production process. Prices for these inputs are $11 per hour and $33 per unit for labour and capital, respectively. The marginal products of the two inputs are 24 for labour and 48 for capital, given the current amount of inputs. Is the firm using the cost-minimizing combination of labor and capital? If not, should ABC hire more or less labour?
Explain why we say that the marginal rate of substitution for perfect complements is zero.
If the price elasticity of demand for lamps is -1.2, how should the LampShop Co. change its price in order to raise its revenue? Explain.
Economists can measure this kind of as an expected cost. The expected cost of engaging in an illegal activity equals the cost you pay if you are caught time the probability that you will be caught. Now suppose that the number of RIAA lawsuits increas..
What is the point elasticity of demand at equilibrium? -What is the marginal revenue at equilibrium?(use equation connecting MR and P) If marginal cost is constant $8 dollars, should we keep producing and selling? until which point we can keep produc..
Consider a horizontally differentiated product market in which two firms are located at any points l1 and l2 on the real line, respectively, with the notation l
An increase in the market price of? men's haircuts, from ?$15 per haircut to ?$25 per? haircut, initially causes a local barbershop to have its employees work
Can citizens who speak an official language or than majority language receive official personal documents in that language. What arrangements have been made in this respect.
How much cheaper is the discounted financing option?
Italians focus on past; Americans focus on present. Italians therefore should generally be more resistant to change efforts than Americans. Does culture influence how change efforts will be implemented.
If the Fed wants an easier monetary policy, it might
Calculate various measures of productivity and explain they mean. Explain in words what the marginal productivity of labor and average productivity of labor measures and why this is important information for the owner of a business. Why does marginal..
What proportion of population is between 20.0 and 25.0 c. What proportion of population is less then 18.0.
What impact will animal rights laws that cause producers to change their production practices have on the price and quantity of meat?
Say that in 2021, your first year working at an engineering firm, you invest $3,000 of your earnings in a retirement account with a real interest rate of 4%. As
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