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Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 15 2 40 3 70 4 86 5 94 6 98 In the table below, you will determine several points on the firm's demand curve for labor. To do this, you must determine how many workers the firm should hire for different values of the wage rate in order to maximize profit. Complete the table below: Wage Rate Per Worker Quantity Demanded of Workers $30 $50 $70 $100
Suppose that you want to maximize the value of the function f(x) = 8x^2 - x^4. Which value(s) of x satisfy the first-order condition for this maximization problem? Which value(s) of x are boundary points? Which value(s) of x solve the maximization pr..
Over the long run historically, real wages produce about same pace as labor productivity.
Under what circumstance would you be no worse off if the company paid you cash instead of providing a car.
Congress does not have enough votes to override a veto. Draw a tree for this game and ?nd the rollback equilibrium.
Which of the followings is not true when a firm acts as a price taker. Tom decided to spend $100 on CD and cassette tapes. The price of CD is $10, and the price of cassette tape is $5. Which of the followings is true? Which of the followings is not t..
The Colleges are facing issues of survival after the government further cut their funding. Two colleges have decided to merge to safeguard their provision and safeguard their staff jobs. List the major stakeholders that will be effected by the colleg..
adam smith rejected utility as a foundation for value. he illustrates this rejection in his famous diamonds and water
A company plans to start a sinking fund so that it will have money to purchase a new 18-wheeler ten years from now. The cost of the truck is expected to be $200,000 and the company uses an interest rate of 10% per year. If the company makes the first..
Does a persistent balance of payment deficits result in a pressure to devaluate the currency.
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. Explain how will impact BlackSpot bottom line.
Suppose that you own a 25 year old movie theatre in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theatre with 4 IMAX screens and 20 more regular screens. For each of the characteristics listed below, ev..
What are lags in monetary policy? What causes inside and outside lags in monetary policy?
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