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The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard: Q = 100L - L2. MPL = 100 - 2L where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor.? a) What is each orchard's labor demand as a function of the daily wage W? What is the markets labor demand? b) Ectenia has 200 workers who supply their labor in elastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make? c) Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. d) Now suppose the price of apples is back at $2, but a hurricane destroys half the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
A manufacturing is considering upgrading a piece of equipment. If a certain upgrade helps reduce operating costs by $750 per hour of use, and the upgraded equipment will be used on average 8 hours per day, what is the expected annual savings of upgra..
Consider the market for music downloads. The market demand curve is given by P=10-(1/6)Q. Where Q is the number of downloads sold per hour and P is the price per download. Apple is the dominant firm in this market with constant marginal costs MC=6.
A $10,000 mortgage bond that is due in 20 years pays interest of $250 every 6 months. The bond rate is closest to
Illustrate what are implications for economic analysis if most people don't follow economic decision rule in many aspects of their decisions.
Describe political and social impacts of this association. Are regional trade associations beneficial for global economy. For members of association.
Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make allocation decisions.
q.1. as per concepts of production function indicate whether each of the following statements is true or false.
Illustrate what is the distinction between marginal revenue product also marginal revenue. How does the government of Canada redistribute income.
You have been asked to produce a forecast for your company's new product (bottled water). List out and briefly describe four factors you would consider before giving the forecast.
Assume which one company acquires all the suppliers in the industry and thereby creates a monopoly.
Does a persistent balance of payment deficits result in a pressure to devaluate the currency.
When consumer is provided a $50 gift certificate that is good only at store X, she moves to a new equilibrium at point D. Prices of goods X and Y. Explain how many units of product Y could be purchased at point A.
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