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Max Whitley, manager of Whitley Construction, builds new homes in a booming community in the Midwest. Although the sales have slowed down because of a national recession, it now looks as if the recession is about to end. Max wants to be ready with material, labor and foremen to meet the demand for housing. Last year, Max built and sold 40 ‘starter homes', the most popular model. With a recent recession over, Max thinks that his sales will increase to 50 units for the current year. The going market price for this model (which Max and his numerous competitors have charged) has been $75,000. In addition, Whiteley Construction's marginal cost of building this model averages $55,000. Based on these facts, suggest a course of action for Max. Suppose the economic boom raises the cost of labor and raw materials, so that the additional cost of a starter house raises to $65,000. What is Max's most profitable course of action?
Explain how a firm's production function is related to its marginal product of labor, how a firm's marginal product of labor is related to the value of its marginal product.
A group of college students were given a short course in speed-reading. The instructor was curious if a monetary incentive would influence performance on a reading test taken at the end of the course. Half the students were offered $5 for obtainin..
How much is equilibrium level of income or output if Fed decides to set the rate of interest at 10 percent (r=0.10).
Elucidate what is your interpretation as to whether or not capital gains taxes should be raised or lowered.
What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the producers decide on the best combinations of resources to use Who made those resources available, and why
a competing firm are the only sellers of a new product. You are engaged in an intense battle for initial market share. You both realize that the one who captures most of the market share will be the one who spends the most on advertising and promo..
Consider the market for economictextbooks. Explain whether the following events would causean increase or a decrease in the supply or an increase or adecrease in the quantity supplied. The market price of paper increases.
Dinkel Manufacturing Company accumulates the following information relative to jobs started and finished during the month of June 2008.
continue to produce the level of output at which marginal revenue equals marginal cost. increase output to minimize its losses. reduce output to the level at which price equals average variable cost to minimize its losses. shut down to minimize it..
Which of the following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have a larger overall impact on AD Explain your answer in a paragraph or two with credi..
discuss the different economic theories of Milton Friedman. Why was he important? Has he helped or hurt our economy? If he were alive today, what do you think he would suggest as an economic plan for our economy? Would he agree or disagree with th..
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
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