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MICROECONOMICS
The salmon fishery in Alaska's Bristol Bay has historically been one of the world's richest. Over the past few years, poor returns of salmon to the Bay and competition from farm-raised salmon have reduced the economic returns to the fishermen. One response to lower revenues has been for fishermen to use family members instead of hiring crew "in order to reduce their costs." Evaluate this business strategy. Will employing relatives really keep profits from falling?Under what conditions is this a good strategy? (Look at it from the viewpoint of Economic vs. Accounting Profits)
Length: 200 words.
Let's say that your firm's total product curve includes the following data: one worker can produce 8 units of output; two workers, 20 units; three workers, 34 units; four workers, 50 units; five workers, 63 units; six workers, 70 units; seven workers, 78 units; eight workers, 80 units; and nine workers, 77 units.
a. What is the marginal product of the seventh worker?
b. When does the law of diminishing marginal product set in?
c. Under these conditions, would you ever choose to employ nine workers? Why?
If the Federal Reserve System wanted to tighten the money supply, the most powerful combination of actions would be to a. raise reserve requirements, lower the discount rate, and buy government securities b. raise reserve requirements, lower the..
When the firm increases labor input, which of the following is correct about the relationship between marginal product of labor and marginal cost? Answer If marginal product is increasing, marginal cost will be decreasing. Marginal cost is equal t..
Sam and Olivia decide to go into business, selling discounted merchandise during their Website "e-Buy." They sign a partnership agreement that requires Sam to contribute $12,000 and Olivia to contribute $8,000 in capital to start the firm.
What is the price of labor? What is the price of capital? At what level of labor usage does diminishing marginal returns to labor first occur? At what level of output is marginal cost equal to average variable cost
Over the past 30 years, health care expenditure in the U.S. grew at an average rate of 3.7% per year plus the rate of inflation, while expenditure on all other goods grew only 1% per year plus the rate of inflation. What seem to be the main reasons w..
New companies entering the market, mergers, and globalization, on pricing and the sustainability of profits: Identify the type of merger activity inyour industry or one with which you are familiar-horizontal, vertical, or conglomerate-and explain ..
what effects might a decision by these countries to diversify their interrational reserve holdings have on the dollar and what problems might it create for U.S monetary policy?
What number of workers appears to be most efficient in terms of pizza product per worker - What number of workers appears to minimize the marginal cost of pizza production assuming that each pizza worker is paid $500 per week?
Monopolies are price makers and as such should be able to set price where they will make a profit. Is this statement true? Why or why not?
Suppose a diagram has two PPF curves. Relative to the origin, Curve A is above Curve B. Which curve represents the greater level of potential output
Suppose the government wants to increase farmers" incomes. Why do price supports or acreage-limitation programs cost society more than simply giving farmers money?
What would the number of paying patients and federally funded seniors be if the federal funding agency raised its rate to $120 per treatment?
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