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A manager hires labor and rents capital equipment in a very competitive market. Currently the wage rate is $15 per hour and capital is rented at $8 per hour. If the marginal product of labor is 45 units of output per hour and the marginal product of capital is 65 units of output per hour, should the firm increase, decrease, or leave unchanged the amount of capital used in its production process?
What is Hardin's solution to the Tragedy of the Commons - What would need to be done, according to Hardin, Elliot, and Jared Diamond, to prevent a tragedy in these 2 commons.
Duties imposed by the U.S. government on imported Chinese frozen and canned shrimp are an example. The U.S. has limits on Chinese textile imports. Such limits
What are intermediate goods? Why do economists exclude the value of intermediate goods while calculating national income - What is aggregate demand? What are its major components - Explain some of the steps that a government would wish to adopt in an..
Discuss the background issues leading to the GATT negotiations immediately following WWII. Why did the Soviet Union and its allies not participate, and why did the US not ratify the initial agreement?
Compare and contrast less government intervention in the financial market and more intervention. Does deregulation lead to more economic growth and stability?
after graduating from college you receive job offers from five different accounting firms. all job offers have a
In the past couple of years, there was much talk about the possibility of Greece leaving the euro zone and reinstating its earlier currency, the drachma. If Greece did leave the euro zone and reinstate the drachma, what do you think the US$/drachma e..
why cash transfers typically would be preferred by recipients over in-kind transfers? write down the pros and cons of
Write a paper analyzing different approaches
Suppose the dollar-pound rate equals $0.5 per pound. According the purchasing power parity theory, what will happen to the dollar’s exchange rate under each of the following scenarios?
suppose that velocity is constant at 9 but the nominal money supply increases from 1.5 to 1.8 trillion. what must
Demand and supply of certain resources in Australia and factors other than price which affect demand and supply
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