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A manager is chekin packing can use either butchers (B) or (S) saws to prepare his packages. Ths firm's production function for this kind of packages is Q=S + Ba what is the margenal product of capital and labor?b Does the answer to b depend on how much labor and capital are used?d If the price of labor is $4 per hour and the rental rate of capital is $5/hour, how much of capital and labor should be used to minimize the cost of production?
Analyze the dynamics of supply and demand to anticipate market equilibrium and analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.
When war broke out in the Middle East, many markets were affected. Most of the worls's oil production takes place in this region and what happens in the market for oil; and (ii) what happens in the market for sports utility vehicles as a result of ..
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
The manager of a corporate division faces the possibility of an audit every year. She preferes to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere. The auditor, who gets recognized for uncover..
Entrepreneurship is a factor of production which adds value to the production process and therefore earns a legitimate return to its exertion. How would you evaluate these two contrasting views, and what are their implications for society?
When the price of a commodity falls by Rs.2 per unit,its quantity demanded increases by 10 units. Its price elasticity of demand is (-)1. Calculate its quantity demanded at the price before change which was Rs.10 per unit. You may change Rupee[In..
Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. Ectenia has 200 workers who supply their?
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
a. Distinguish between explicit and implicit costs of your college education giving examples of each. b. What are your fixed costs Variable Costs c. Use a real-world example to explain the law of diminishing marginal productivity in your co..
Since demand elasticity is greater than 1 (absolute value) revenues will be increased, and since price is above marginal costs profits will increase.
Firms in a competitive market are unable to dictate the price for which they sell an item for and over a long period of time will be unable to make an economic profit.
Suppose A and B choose the amount they spend on the school independently. What is the Nash equilibrium level of the school's quality in Little Society?
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