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1. The AFL-CIO has been a steadfast proponent of increasing the minimum wage. Offer at least two reasons why they might lobby for such increases.
2. Mountain Springs Water Company produces bottled water. Internal consultants estimate the company's production function to be Q = 300L2K, where Q is the number of bottles of water produced each week, L is the hours of labor per week, and K is the number of ma- chine hours per week. Each machine can operate 100 hours a week. Labor costs $20 per hour, and each machine costs $1,000 per week.
a. Suppose the firm has 20 machines and is producing its current output using an optimal K /L ratio. How many people does Mountain Springs employ? Assume each person works 40 hours a week.
b. Recent technological advancements have caused machine prices to drop. Mountain Springs can now lease each machine for $800 a week. How will this affect the optimal K/L ratio (i.e., will the optimal K/L ratio be smaller or larger)? Show why.
1.For what possible reasons may one country experiences a persistently faster rate of economic growth than another?
Derive the demand curves for GGCs product in each market - Derive GGC's marginal revenue (MR) and marginal cost (MC) curves in each market. Show graphically GGC's demand, MR, and MC curves for each market.
If the government is running a budget deficit, does this mean that national income will increase?
Pratt or Julian Barbeque is a small restaruant in Columbia, Missouri. They employ 4-part time employees earning $48 per day.
What additional information would you like to have had in order to ensure that your decision was the right one?
Find the competitive equilibrium prices and allocations. Draw the equilibrium in the Edgeworth Box and draw the Edgeworth Box for this economy, plotting the endowment point w and the indifference curves passing through it for both consumers.
The American Baker's Association reports that yearly sales of bakery goods last year rose 15%, driven by a 50% increase in the demand for bran muffins
Kinds of pricing and output strategies that Katrina's Candies should use to reach the goal of profit maximization. Suggest key modifications that Katrina's Candies should make in order to maintain a competitive advantage when new entrants enter the m..
When Average cost is falling, marginal cost will be below average costs?
1.Should governments or regulators always attempt to eliminate the supernormal profits of monopolists/oligopolists?
How does the division of labor lead to more efficient production - What are some examples of division of labor and specialization from your personal experiences?
If contract promises were not excused because of acts of war, would the clearing and settlements clients of Bank of New York change their behavior?
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