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Suppose college graduates earn $25 an hour and high school graduates earn $15 an hour. Suppose too that the marginal product of college graduates an Johnson Tools is five hammers per hour, while the marginal product of high school graduates is four hammers per hour (regardless of the number of each type of worker employed).
What is the least coast production method for producing 100 hammers in an eight hour day? What if the marginal product of high school graduates were instead two hammers per hour? What is the critical difference in productivity (in percentage terms) at which the type of worker hired changes?
[HINT: Find out whether the per hammer production cost is cheaper if only college graduates are employed or if only high school graduates are employed. The last part of this question is a challenge question. You need to think in terms of the MRTS between college and high school graduates.]
How much profit does an unregulated monopolist earn? How much profit would be earned if MC pricing were imposed?
At the end of its third year of operations, the Sandifer manufacturing Co. had $4,513,000 in revenues, $3,333,000 in cost of goods sold, $446,000 in operating expenses which included depreciation expense of $152,000, and a tax liability equal to 34 p..
Elucidate the rationale and the implications of the new guidelines used by the Department of Justice and the Federal Trade Commission for evaluating proposed mergers.
If there were 60 firms in this market, the short-run equilibrium price of titanium would beper pound. At that price, firms in this industry would . Therefore, in the long run, firms would the titanium market.
q1. how are protectionist policies from other countries predicted to affect chinas relative supply and relative
The following table lists the name, gender, height and reservation wage of 10 persons willing to work as firefighters in Timber Creek. What is the lowest wage that Timber Creek must pay to hire five firefighters? You answered the question $380/week (..
As per to Global Insight, a Massachusetts economics consultancy, elucidate what will happen if oil prices remain in the range of $65 to $70 per barrel for a couple of more months.
Explain how a combination of fiscal and monetary policies could change the composition of GDP towards consumption and away from investment without changing the level of aggregate demand.
Final Finishing is considering three mutually exclusive alternatives for a new polisher. Each alternative has an expected life of 10 years and no salvage value.Find the IRR for the comparison polisher 1 versus polisher 3.
Stock returns and your retirement account: Suppose your retirement account has a balance today of $25000 and you are 20 years old. If you are invested in a diversified portfolio of stocks, you might hope that the historical return of about 6% continu..
Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers.
President Bush commissioned a study whose objective was to determine what the maximum tax rate on individuals and corporations should be. To what branch of economics does this study correspond? What branch of economics is concerned with the rate of i..
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