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You run a small business that uses both capital and labor to produce your output. The machinery (capital) has a marginal cost equal to $25 per hour and a marginal product equal to 50 units per hour. The marginal cost and marginal product of capital are assumed fixed at these levels regardless of the level of output. Assume wages are your only cost for labor and your firm’s wage rate equals $12 per hour. You are given the following information on the output and productivity of labor. Assume the firm is interested in maximizing profits. Units of Labor Total Output per Hour 1 35 2 65 3 89 4 109 5 124
Suppose a perfectly competitive firm sees that price is $23 in the market place. It notices that the cost of producing the next unit of output is $26. What advice would you give to this firm? Explain your answer.
What are two methods of recording accounts receivable transactions when a cash discount situation is involved? Which is more theoretically correct? Which is used in practice more of the time? Why?
Explain the significance of realignment in American politics and make a prediction as to which groups may switch parties in the near (0-16 years) future
Discuss the tools of Monetary Policy in the United States. Discuss the effects of each tool and explore the associated impact on conflicting goals.
What is the role that multinational corporations play in world affairs, according to proponents of globalism? What is the role that MNCs play, according to critics of globalization? Which view do you find most persuasive? Explain. Select a nation, co..
As part of the rehabilitation of the downtown area of a southern U.S. city, the Parks and Recreation Department is planning to develop the space below several overpasses into basketball, handball, miniature golf, and tennis courts. The initial cost i..
Consider a model of three-period – lived individuals. Suppose the two-period real rate of return on capital is X = 1. 44, the rate of population growth is n = 1. 1, and the rate of fiat money creation is z = 1. 2. Find the following net rate for both..
Review Porter's 4 competitive strategies and give a real-life company example of which strategy a company is pursuing.
Explain how businesses create value by integrating the production and distribution of goods, services, and information.
Assume that the demand for a product X is heavily influenced by the price of another product Y (Py), and the income of consumers (I). The cross-price elasticity of X with respect to Y is exy = 1.25, and the income elasticity is eI = 2. Are X and Y co..
In the market for coffee, for many consumers:
The Fed wants to increase the money supply (which is currently 6,000) by 300. The money multiplier is 4, and people hold no cash. For each 1 percentage point the discount rate falls, banks borrow an additional 30. Change the reserve requirement.
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