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A manufacturing firm has received a contract to assemble 1000 units of test equipment in the next year. The firm must decide how to organize its assembly operation. Skilled workers, at $33 per hour each, can individually assemble the test equipment in 2.6 hours per unit. Alternatively, teams of four less skilled workers (at $19 per hour each) can assemble a unit in one hour. Which approach is more economical?
explain the concept of diminishing marginal utility. since all goods are scarce, does diminishing marginal utility contradict the statement that individuals always want more of all foods?
What is the most you would be willing to pay for one of these licenses, if you know that you get to choose your level of output before the other licensee does, also knowing that your choice is observable by the other licensee?
New York City's banking community served many of the functions of a central bank during large parts of the "displaced 19th century". Discuss.
Explain how effects of rent control are very noticeable to the public in the short run, because the primary effects of rent control occur very quickly.
q1. if capital is measured on the vertical axis and labor is measured on the horizontal axis the slope of an isoquant
q1. james marshallian demand function clarifies the utility maximization problem that is max u x1 x2. as the cost of
Assume that raising the marginal income tax rate raises $200B which could be spent on infrastructure projects. Explain how would we measure the cost of the project to determine whether it is worth undertaking.
If a 20% decrease in th price of long distancephone calls leads to a 35% rise in the quantity of calls demanded, you may conclude that the demand for phone calls is.
If the IS curve does not shift when autonomous consumption increases by $100 MM and autonomous taxes increase by $200 MM, what can we infer about the marginal propensity to consume?
Demonstrate the short-run effect of this tax cut using the IS-LM model also the AD-SRAS-LRAS model. Illustrate what will take place to o/p also the interest rate.
Compute the marginal and average tax rates for three individuals respectively earning $70,000, $93,500 and $200,000 annually.
What is the 99% confidence interval for the difference between the two school's scores. (For consistency, let the difference d=A-B.) b. Suppose we want to perform a two-tailed test where H0 is that ?d=0. What is (approximately) the p-value of the ..
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