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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Total TotalWorkers Labor Cost Output Revenue 1 $200 50 $350 2 400 140 675 3 600 220 1120 4 800 270 1570 5 1000 300 1865 6 1200 315 2070 7 1400 320 2170(a.) What is the marginal product of the second worker?
(b.) What is the marginal revenue product of the fourth worker?
(c.) What is the marginal cost of the first worker?
(d.) Based on your knowledge of marginal analysis, how many workers should you hire?
Some businesses will examine their pricing structure and modify it in order to maximize revenue, either by raising or lowering the price. For some organizations, lowering prices might be an effective means for increasing revenue.
a random sample of 89 tourists in chattanooga showed that they spent an average of 2860 in a week with a standard
The firm is considering a quantity discount. The first 400 units can be purchased at a price of $120, and further units can be purchased at a price of $80. How many units will the consumer buy in total?
problem 1. perfect competition consider an industry in which there are 10 identical firms and 1000 identical consumers.
In an effort to move the economy out of a recession, the federal government would engage in expansionary economic policies. Describe the actions the government would take in conducting expansionary fiscal policy and expansionary monetary policy.
What is the minimum price a firm would charge for this product and what is the firm's profit potential for producing this product?
all other factors held constant what would be the effect on the demand for money m1 of each of the following
According to the hybrid, or consensus, view of aggregate supply, the chance for an aggregate demand increase to cause inflation accelerates as Unemployment increases, The economy moves toward capacity
Suppose the U.S. and Mexico both produce 2 goods, tablets and cereal, using 2 inputs, capital (K) and labor (L). The production of tablets is capital-intensive, and that of cereal is labor-intensive. The U.S. is a capital-abundant country, and Mexico..
1 an example of a negative externality is thea. decrease in your real income that results when photographic equipment
As an economist you have been tasked to address a meeting of a company on international professional to describe the differences between micoeconomics and maroeconomic and give real world example.
assume the economy is at short-run equilibrium and is in a slump. ceteris paribus what would you expect to happen to
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