Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard:
Q = 100L - L^2
MPL = 100 - 2L
where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor.
a. What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?
b. Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make?
c. Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4.
d. Now suppose the price of apples is back at $2, but a hurricane destroys half the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
Lets say that as an worker of the World Bank that I have been proposed to research the requires of a country with a particular economic concern.
Fill in the table indicating whether the new Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new equilibrium price and quantity will increase, decrease, or not change.
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a wide variety of tasks. Does it make sense for people with high abilities to go to small firms
In The short run Government Monetary Policy(define these) CAN alter realvariables like GDP and Employment but in the long run itcannot.
Suppose Firm Y's production function is given by the following Cobb Douglas equation
Write a brief for the Central Banker of Ireland, outlining your recommendation on the interest rate that should be set at the next policy meeting.
Consider a market where supply and demand are given Qx^s=-10 +Px and Qx^d= 56-2Px. Suppose the government imposes a price floor of $25, and agrees to purchase any and all units concumers do not buy at the floor price of $235 per unit.
Use quintiles to briefly summarize the degree of income in equality in the united states. how and to what extent does government reduce income inequality?
The government imposes a fixed fee per year on each firm operating in a competitive market.
i need an outline for the follwing topic this is for my microeconomics class applying cost benefit analysis collect
A monopolist has determined that marginal revenue is $2.00 and average cost is $1.75. It has also determined that the lowest sustainable average cost is $1.75. To maximize profit, should the firm lower its price, increase its price, or leave the p..
For any given demand curve for the right to pollute, the government can achieve the same outcome either by setting a price with a corrective tax or by setting a quantity with pollution permits. Suppose there is a sharp improvement in the technolog..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd