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1.most people are concerned that wages determined in the labor market are unfair
2.most people typically earn the bulk of their income from wages and salaries.
3. the usual market forces do not hold in the labor market.
4. the labor market does not reach an equilibrium.
The Federal Reserve is most likely the most independent government agency in the US. Independence means that Fed is free from presidential and congressional political pressures.
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
Although Ken Brown (discussed in problem 3-16) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial success. Bob is vice president of finance.
A perfectly competitive firm encounters the following monthly costs and price. What is the fixed cost of this firm? What is the optimal output of this firm?
Find the supply function for the hospitals and Suppose the hospitals merge into one umbrella organization to improve their bargaining position. What would the new price and equilibrium be?
What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
What effect will each of the following have on the supply of automobile tires?
How much substitutability do you suppose exists between inputs in winemaking? How might this factor affect efforts to cut costs?
Suppose that MN Company is currently selling 300 units of Product SD per month. Management wants to increase sales and feels this can be done by cutting the selling price by $22 per unit and increasing the advertising budget by $20,000 per month. ..
Using the following equations Qs = 13,000P and Qd = 48,000-6,000P. Plot supply and demand curves (require a graph). Determine the equilibrium price?
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
Identify the extent of safety issues in Canadian hospital care. Describe strategies that might be put in place to improve safety?
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