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Marginal Productivity & Price Elasticity
Marginal Productivity and CostsIn the short run, machinery is fixed and labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declininga. The marginal cost of producing output must be rising if output is increased.b. average product of labor must also be rising.c. average fixed cost must be greater than average variable cost.d. None of the above.
Own Price Elasticity and RevenueMillie produces and sells 300 jars of honey per day at a price of $8 per jar. In order to increase total revenues, she plans to increase prices from $8 per jar to $10 per jar. Mollie's strategy will work so long as:a. The demand for honey is inelastic between $8 and $10.b. The demand for honey is elastic between $8 and $10.c. Honey is a normal good.d. None of the above.
Own Price Elasticity of WaterDue to drought conditions, the local government wants to reduce the quantity demand of water by 10%. If it is estimated that the price elasticity of demand for water is -0.3, by how much (in percentage terms) must the price of water be increased to reach this goal?a. 33.3%b. 3.0 %c. 0.3%d. 0.003%
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
Assuming the phone company has to charge the same monthly rental fee and unit price to all its customers, at what level should it set these charges?
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Suppose, in a given week, float raises $900 million, Treasury deposits at the Fed rise $1500 million, discounts and advances decline $200 million, and foreign deposits at the Fed increase $150 million.
An University President wants to reduce expenditures on fringe benefits
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
Describe the economic causes also consequences of environmental devastation and its impact on achieving sustainable growth and development.
The economy of a country called Econoland is described by the following desired aggregate expenditure components (all figures in billions of $). For the purposes of this question, the first set of equations will be referred to as fiscal policy1.
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