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Markets for factor inputs
1. Using your knowledge of marginal revenue product, explain the following:
a. A star is paid $200,000 for appearing in a 30-second television commercial. The actor who plays his doubles partner is paid $500.
b. A president of a company is paid not to stay in his job for the last two years of his contract.
c. A jumbo jet carrying 400 passengers is priced higher than a 250-passenger model, even though both aircrafts cost the same to manufacture.
2. The only legal employer of military soldiers in the US is the federal government. If the government uses its knowledge of its monopolistic position, what criteria will it employ when determining how many soldiers to recruit? What happens if a mandatory draft is implemented?
Illustrate what are the effects of the current tax policy on US businesses in the short-run and in the long-run.
Consider the following Solow model of growth. Both population and work force grow at the rate of n=1% per year in a closed economy.
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
The following quotations are from an article in the Financial Times on November 9, 2007:
Suppose you own a home remodelling company. You are currently earning short-run profits. The home remodelling industry is an increasing-cost industry. In the long run, what do you expect will happen to
Elucidate why intermediate goods and services usually are not included directly in GDP. Are there any circumstances under which they would be included directly.
Explain demand for cassette players is price elastic also they are cyclical normal goods.
One Chicago has just a new single-stock futures contract on Brandex stock, a company that currently pays no dividends. Each contract calls for delivery of 1,000 shares of stock in one year.
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
you will be challenged to show one or more of the criteria which you believe should be improved at your place of employment.
Suppose elasticity is -2,price is $10, and marginal cost is $8, should you raise or lower price?
Be sure to describe the two step method used in FASB 52 and how highly inflationary economies
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