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Why the firm should hire more labor if the marginal product of labor is 75 unit of output and the wage is $15 and output sells for $0.80 per unit?
When individual fishing boats harvest more fish each year in order to maximize profits while, as a result, threatening the fish population with extinction, it is called:
Suppose that the home country is relatively abundant in low-skilled workers and the foreign country is relatively abundant in high skilled workers. What good does the home country have a comparative advantage in producing? Explain.
Determine whether or not government regulation to ensure fairness in the low-calorie, frozen microwavable food industry is needed. Cite the major reasons for government involvement in a market economy. Provide two (2) examples of government involveme..
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
In the local In a local market, the monthly price of Internet access service decreases from $20 to $10, and the total quantity of monthly accounts across all Internet access providers increases from 100,000 to 200,000. What is the price elasticity of..
Describe the point at which diminishing returns occurs. indicate the points that delineate the 3 stages of production.
Suppose the demand and supply of chickens is given by: Graph the demand and supply curves and determine the equilibrium price and quantity. Suppose a quota of 4000 chickens in imposed. What will be the new equilibrium price? What is the loss to consu..
What is the difference between maximizing firm value and maximizing stockholder wealth? Under what assumptions are the two equivalent? Under what conditions will maximizing firm value also enrich society?
The normal way of filing taxes is to put in a very low number, which starts a protracted series of negotiations, eventually ending up with a higher number being paid. This new bank did not follow this and the Italian authorities assumed it was stated..
If work hours in New Zombie are 200 in year 1 and productivity is $18 per hour worked.
The government is concerned about the effect of rising milk prices on America's poorest households and has decided that something must be done to make milk more affordable. Use a graph to explain what would happen if the government put a price ceilin..
A woman passionate about eradicating malaria in developing countries. What would you like to eradicate/improve in the developing world?
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