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Suppose you are the production manager for Widgets, Inc. Your job is to produce a fixed amount of output at the lowest cost possible. When you take over the position, you find that the price paid for a unit of labor is $20 (W = $20), and the price paid for a unit of capital is $50 (R = $50). You also discover that with the current mix of capital (K) and labor (L), the marginal product of labor is 10 (MPL = 10) and the marginal product of capital is 20 (MPK = 20). Is your company minimizing cost? If not, how could you change inputs to do so? Use a diagram to help explain your answer.
Calculating interest rates on a yearly basis If maturity is different from one year, interest rate is generally recalculated to a corresponding one year rate. For instance con
How can we define the real wage as nominal wage We define real wage as nominal wage divided by a price index (typically CPI). In the illustration above, your real wage was 20 i
briefly explain with keynesian consumption?
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Which of the following statements regarding the heckscher-ohlin model and Ricardian trade theory is TRUE? a. Both the Heckscher-Ohlin and Ricardian models are current, relevant,
COMPONENTS OF TRADE POLICY: External sector reforms beginning with 1991 included dismantling of trade restrictions along with tariff rationalization, a move towards current a
A sample of 2,000 licensed drivers revealed the following number of speeding violations. 0 violations for 1,910 drivers. 1 Violations for 46 drivers. 2 violations for 18 drivers. 3
An HMO has a point of service option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $20
Explain about Economys growth rate Economy's growth rate: Long-term economic growth, or tendency growth, is the rate of growth the economy can sustain, ignoring the short-term
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