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Frank Gunter owns an apple orchard. He employs 40 apple pickers and pays them $7 per hour to pick apples, which he sells for $3.50 per box. If Frank is maximizing profits, what is the marginal revenue product of the last worker he hired? what is that worker's marginal product?
The "crowding-out effect" suggests that A. excessive population in the cities is pushing people into the suburbs.B. if consumption spending increases investment spending must decrease. C. tax increases are paid primarily out of saving and, therefore,..
by Richard Easterlin, the level of per capita income achieved in the South after the Civil War remained considerably below that in the rest of the nation as late as 1930. Evaluate the hypotheses that have been suggested to explain the poor econo..
The basic purpose of imposing legal reserve requirements on commercial banks is to: Assure the liquidity of commercial banks Provide a device through which the credit-creating activities of banks can be controlled Provide a proper ratio.
Government spending is often too small to have the impact that governments usually want to see on the economy. However, something occurs in the economy after the initial government injection which makes the end result much larger.
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
Which country has a comparative advantage in producing fish? Explain why. Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati import from Tuvalu? Explain why.
calculations Definition and explanation of the indices Discussion about what the specific indices mean in relationship to the overall article and how they impact each other Appropriate evaluation, decisions and forecasts that could be made from th..
Illustrate the black market for internet access, including the implicit supply schedule, the ceiling price, the black market supply and demand, and the highest feasible black market price.
How do markets determine the payments to the various factors of production? How do markets determine the distribution of income?
Research and evaluate sustainability economic and sustainable agriculture and evaluating a current or proposed government (local, state, national, international) policy and determining whether it is economically sound.
If inflation and nominal interest rates are constant, at what rate, if any, will velocity grow Given a permanent (once and for all) rise in level of interest rates, how will it affect the level of velocity and the growth rate of velocity
Explain how China's price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel.
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