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You are the manager of a firm which sells its output at a price of $40 per unit. You are interested in hiring a new worker who you expect will increase your firm’s output by 2,000 units per year. What is the most you should be willing to pay this worker per year to come to your firm? B. Suppose a firm currently pays all of its production workers a wage equivalent to the average revenue product of the firm (which equals the price of the firm’s output times the firm’s average product). Compared to the average, imagine worker 1 is very productive, while worker 2 is not very productive. Carefully explain why worker 1 would prefer to be paid a wage equivalent to their marginal revenue product, while worker 2 is content being paid a wage equivalent to average revenue product.
A country that borrows more from the rest of the world than it lends to it in a year is called a ________, and a country that lends more to the rest of the world than it borrows from it in a year is called a ________.
How would Cost-of-Living Adjustments weaken the ability of the central bank to exploit the trade-off between inflation and unemployment?
Derive the income elasticity of demand function for individuals with (a) cobb-douglas (b) perfect substitutes and (c) perfect complements utility functions
Discuss how economic, political, and social changes will impact growth in the region. Write a short paper summarizing your findings.
A firm in Perfect Competition has a Total Cost Function: TC = 6Q^2 - 8Q + 12 with a current P=$6. What is the current Quantity and Profit or Loss? Will firms enter or leave the industry? What will be the long run Price and Quantity?
Illustrate what would be the new equilibrium price of hoods to the truck manufacturer.
A 5 year treasury note has a coupon rate of 2.50%. What price would you pay for such a security having a principal value (par value) of $1 million if the current interest rate is 2.25%? The current interest rate is 3%? (to simplify the calculations, ..
Suppose that Dr. Stone brewery could use recliamed municipal water waste water to make beer instead of the municipal water that is currently being used. this will help conserve limited fresh water resources and reduce the brewery's annual water bill...
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
What will the effects of the tax be in the short run on industry output and price. Will the price rise by the full ?ve cents in the short run.
Real versus, nominal GDP Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities for the goods over a three-year period. The inflation rate in 2010 was. Why is real GDP a more accur..
When the price of wheat rises from $2.34 to $2.46, some farmers switch crops, and the amount of barley offered on the market falls from 101 million bushels to 99 million. What is the cross elasticity of supply? When the wage rate rose from $6.25 per ..
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