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Assume that it takes a worker three hours of labor time to paint a room and eight hours to sand a floor.
Suppose that a second worker (same productivity as the first worker) became available. Now what would be the opportunity cost of painting four rooms?
On an AD/AS graph, draw the impacts of a decrease in defense spending and an increase in the corporate tax rate. What happens to real GDP and the price level?
Annual demand for number 2 pencils at the campus store is normally distributed with mean 1,000 and standard deviation 250. The store purchases the pencils for 6 cents each and sells them for 20 cents each. The cost of a stockout is the cost of lost ..
Which of the following is not true about monopolistic competition, compared to monopoly? In the short run, in some industry, the monopolistic competitor earns positive economic profits. In the long run,
Suppose a firm’s production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL =(K^1/2)/(2L^1/2) , and MPK =(L^1/2)/(2K^1/2). Suppose the price of labor is w = 25, and the price of ..
Suppose a textbook publisher historically sells an econ book alone but then markets the new edition of the boo only as a bundle with an online hw supplement. Answer 2 parts: define bundling. discuss what consumer and market characteristics are needed..
An ice cream company has hired two sales persons to run two ice cream stores on a beach. These two employees will receive a fixed salary regardless of the number of ice creams that they sell and they have to charge the same price set by the company. ..
q.the demand schedule for sugar isprice quantity demandeddollars per kilogram millions of kilograms per year3 205 167
Using a conflict theory perspective, which part of the system do you think contributes most toward racial and ethnic inequality in the United States.
List and explain at least three questions to ask organizational personnel to determine risk sensitivity
Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts. Draw the p..
Consider a hospital that has a demand curve given by P=180-4Q. Their total cost curve is given by TC=95+2Q. a) Please write down the expression for MR (marginal revenue) and MC (marginal cost). What will be the optimal P and Q? What will be their tot..
What is the efficient production for this firm?
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