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Problem
1. Why does a profit-maximizing firm hire workers up to the point where the wage equals the value of marginal product? Show that this condition is identical to the one that requires a profit-maximizing firm to produce the level of output where the price of the output equals the marginal cost of production.
2. Why is the short-run demand curve for labor downward sloping?
3. What mix of inputs should be used to produce a given level of output?
Design the logic (Pseudocode and a flowchart) for a program that allows a user to enter any quantity of numbers until a negative number is entered. Then display the highest number and the lowest number.
The percentage change in the number of trips in central London gives you one of the numbers you need to calculate an estimate of the elasticity of demand. The other number you need is the percentage change in the price a driver pays for driving in..
Calculate the Final Grade by averaging the four score values, and display a message indicating whether the student has passed the class.
Describe an adverse selection problem your company is facing. What is the source of the asymmetric information. Who is the less informed party. What transactions are not being consummated as a result of the information. Could you (or do you) u..
Table considers income convergence by looking at aggregate income by region. Using the World Bank website (http://www.worldbank.org), find income growth.
Identify some of the major challenges confronting the international trading system. What problems does terrorism pose for globalization?
If the product is only a small part of your budget, it does not make that much difference if the price increases a little. But if it is a large part of your budget, like gasoline, it can make a big difference in how we respond! Elaborate.
Elucidate the historical relationship between unemployment and inflation.
What would you expect to happen to the nominal yields on 1-year T-notes during the period ov er which these changes in inflation expectations and required real yields occurred? (Give a numerical answer if possible) Explain your reasoning
A firm's marginal cost of production is constant at $5 per unit, and its fixed costs are $20. Draw its total, average variable and average costs.
From you reading, it is clear that contractionary monetary policy decreases the money supply in an economy. When there is a decline in money supply, it will contribute to decreases in Gross Domestic Product.
Suppose a monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. What is the value of the deadweight loss created by this monopoly?
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