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Explain about the equilibrium in the labor market.
Equilibrium into the Labor Market:
All of firm will hire labor up to the point at that the value of the marginal product of labor is equivalent to the equilibrium wage rate.
VMPL = Wage or MRP = Wage (AP)
Into equilibrium, the marginal product of labor will be similar for all employers.
Therefore the equilibrium or market wage rate is equivalent to the equilibrium value of the marginal product.
If the marginal product of L is MPL = 10K - L and the marginal product of K is MPK = 10L - K, then what is the maximum possible output when the total amount that can be spent on K
Ingrid and Jeff would like to use Saturday night together but have dissimilar tastes in entertainment. Jeff would like to go to the opera but Ingrid would prefer to see soccer. As
gap between economic theory and business practice
BU 5210 Final Summer 2013 Economic Analysis
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State the difficulties in the measurement of profit.
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