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A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output. The firm, Though, faces an upward-sloped labor supply curve of E= 20w-120
Where E is the number of workers hired every hour and w is the hourly wage rate, Therefore, the firm faces an upward-sloped marginal cost of labor curve of
MCe= 6 + -0.1EEvery hour of labor produces five units of output. How many workers should the firm hire every hour to maximize profits? What wage will the firm pay? What are the firm's hourly profits?
features of monopoly?
Exceptional supply curves In have some situations the slope of the supply curve may be reversed. i) Regressive Supply. In this case, the higher the price within a ce
Organization for Economic Development (OECD) An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and
Antitrust authorities at the Federal Trade Commission are reviewing your company's recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the s
The city of Cabernet is very popular for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows: where Q d
What is Cyert and March's behavior theory? What are the demerits.
Features of this system The mixed economy includes elements of both market and planned economies. The government operates and controls the public sector, which typically cons
they manufacture a single product, specialty curry sauce. They are interested in developing 12 MONTH budget models and want to perform decision analysis on this model. Curryrus.com
Advantages a. They are less costly to administer because the producers and sellers themselves deposit them with the government. b. If levied on goods with inelastic deman
Profit as rent of ability: one of the most widely known theories of profit was propounded by F.A. Walker. According to him profit is the rent of is the difference between the earn
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