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Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
Number of Workers
Number of chairs
1
10
2
18
3
24
4
28
5
30
6
7
25
a) Calculate the marginal and average product of labor for this production function.
b) Does this production function exhibits diminishing returns to labor? Explain.
c) Explain intuitively what might cause the marginal product of labor to become negative?
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
Overview of the project's objectives and scope
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Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
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