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Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $54,000 to $66,000. If he adds one more tractor, monthly revenue will increase from $54,000 to $72,000. Each additional worker costs $6,000 per month, while an additional tractor would also cost $6,000 per month
a. What is the marginal revenue product of labor? The marginal revenue product of capital?
b. What is the ratio of the marginal revenue product of labor to the price of labor (MRPL/PL)? . What is the ratio of the marginal product of capital to the price of capital (MRPK/PK)?
c. Is the firm using the least-costly combination of inputs?
d. Does adding an additional worker or adding an additional tractor yield a larger increase in total revenue for each dollar spent?
Suppose in Belgium the opportunity cost of producing a trombone is 8 clarinets. In Denmark the opportunity cost of producing a trombone is 6 clarinets. What is the opportunity cost of producing a clarinet for Denmark?
Brown, located in Knoxville, contracted to buy sixty cases of Lovely Brand canned corn from Clark in Toledo at a contract price of $1,250. Pursuant to the contract, Clark selected and set aside sixty cases of Lovely Brand canned corn and tagged them ..
Illustrate what economic decision makers determine the demand for labor. What is their goal, and what decision criteria do they use in trying to reach that goal.
Describe how much the consumer plans to spend in each year and how much she borrows or lends in the first year.
Elucidate what data or other factors that monetary policy makers, firms, and workers might analyze in attempting to determine if the decline in the real exchange rate is temporary or will persist.
Suppose there is a firm with two inputs of production, labor (L) and capital (K), with associated prices w and c, respectively. Also assume that the firm faces competitive input and product markets and that the two inputs are gross substitutes in pro..
Your firm is considering purchasing an old office building with an estimated remaining service life of 25 years. Recently, the tenants signed long-term lease, which leads you to believe that the current rental income of $210,000 per year will remain ..
Explain how would Ford Moter Company use price Elasticity of demand to determine whether to increase or decrease the price.
In June, Percy buys 8 cookies and 12 crackers. In July, the price of cookies rises and the price of crackers falls. His June and July budget lines cross at the point (10, 10). In July, Percy might choose to buy 12 cookies. If cookies are an inferior ..
q.suppose that the world consists of only two countries a and b of relatively equal sizes. the world interest rate in
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. At a price o..
Calculate the present worth value of 9 annual payments of $800 made at the end of each year knowing that the interest rate is 8%
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