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Given the Production Function of a perfectly competitive firm, Q = 120L + 9L 2 - 0.5L 3 , where Q = Output and L = labor input
Question a. At what value of L will Diminishing Returns take effect?
Question b. Calculate the range of values for labor over which stages I, II, and III occur?
Question c. Suppose that the wage rate is $60 and the price of output is $2 per unit. How many workers should the firm hire?
Question d. If demand forecasts predict an output level between 3500 and 3800 in the next decade, what would be your long-run strategy to optimize the resources of your company?
When customers of the Trojan Bank believe a mistake has been made on their account statements, their claims are forwarded to the bank's research department
Economists who advocate the Keynesian theory of economics would say that prices and wages are sticky and decreases in AD will decrease employment. sticky and decreases in AD will decrease unemployment.
Explain the difference between the fallacy of composition and the post hoc fallacy. Then, provide a real world example of each fallacy from your own personal or professional experience.
in the free market, as does each unit of other goods. Down and Out are eligible to receive a public housing unit, which provides them with an apartment that would cost them $1000 per month in the free market at a rent of $500 per month. Draw their..
Explain how banks are financial intermediaries. What are reserves? What are excess reserves? Explain how the Fed can affect the quantity of excess reserves in the banking system
Describe how marginal utility and the selling price of a goods/services determine: 1) Which goods and services are purchased first and 2) What quantities of a good or service are purchased. Explain fully.
How to Compare and contrast Keynes' Law and Say's Law as they relate to aggregate demand and aggregate supply?
question 1 a what is gdp? show the two ways in which it is measured and why the two ways must come to the same result.
A manager at the plant observes, "Although the last 3,000 cell phones we produced and sold increased our revenue by $6,000 and our costs by $6,700, we are still making an overall profit of $5,000 per week so I think we're on the right track. We ar..
Show the long-run effects of an increase in demand for the industry, and the effects on a perfectly competitive firm's price, marginal revenue, output, and profits for a constant-cost industry.
Knowledge of the determinants of long run prosperity rank the countries in terms of their growth prospects.
How do the long strands of DNA fit into the nucleus of a single cell?
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