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The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost $50 per day, and each additional laborer can produce 200 more units per day (i.e., marginal product is constant and equal to 200). Installation of the first textile machine on the assembly line will increase output by 1,800 units daily. Currently the firm assembles 5,400 units per day. The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
Characterize each of the following statements as true or false, and explain your answer.
Compute the AE function and plot it in diagram. What is total autonomous expenditure? What is slope of the AE function?
When McDonalds Corp reduced its price of the big mac by 75 percent-Using your knowledge of game theory, what do you think disrupted McDonald's plan?
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Draw a current budget constraint for an assumed single mother (net of child care costs) who loves leisure. Draw the new constraint. Discuss the likely effects on labor force participation and hours of work.
Rachel utility function is given by U= I 1/2 , where I represents annual income in thousands of dollars. Assume Rachel is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
Explain whether the evidence above suggests whether the dollar is appreciating or depreciating relative to the Euro. What is your conclusion? Explain how you come to that conclusion.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
The winners of the Nobel Prize in economic science were recently announced-who were they? For what contribution to our understanding of economics were they recognized?
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