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Problem: Suppose that hiring a third worker at the campus coffee shop increases output from $200 per hour to $280 per hour. What is the marginal revenue product (of labor) per hour from adding that third worker?
Explain the difference between the 'Historicism' and 'Naturalism' perspectives on racial difference and racism.
Given that the value of individual production of Carol and Tessie is zero, while their combined production is positive, we may conclude that:
GDP is the sum of all income earned in a country during a year. Alternatively, it can be thought of as the value of all production in an economy during a year.
Explain the difference between a shift in the supply curve and a movement along the supply curve.
consider an agent who lives two periods. he is unemployed at the beginning of the first period and has a wage offer of
in the 1960s the san francisco city government physically moved several houses from the hayes valleyfillmore district
The national accounts treat all government purchases of goods and services, G, as part of real GDP. But suppose that the public services derived from government purchases are an input to private production, say: Y = F
The costs of inflation: Consider two possible inflation scenarios. In one, the inflation rate is 100% per year, but it has been at this level for three decades.
Draw the demand curve, making sure to label the curve. b. Draw the marginal revenue curve, making sure to label the curve
ake a basis {b1, b2}, not necessarily orthonormal. Let the linear mapping f be such that f[b1] = x and f[b2] = y. Develop x and y onto the basis x = x1b1 + x2b2 and y = y1b1 + y2b2. Use I2 = x ∧ y and compute the determinant according to (4.7).
Explain: “Politicians would make more rational economic decisions if they weren"t running for reelection every few years.” Do you favor term limits for elected officials?
Two brothers must complet two different tasks before going to a concert. What economic concept does this statement BEST represent?
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