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You are an efficiency expert hired by a manufacturing firm that uses capital and labor as inputs. The firm produces and sells a given output and is currently employing 50 workers and 10 machines. During the consulting process, you find out that for this company capital is much more productive than labor: the marginal product of labor is 4 and the marginal product of capital is 50. The average wage rate they pay to their workers is $40 per hour, and the rental rate of capital is $100 per hour. The cost function for this firm is:
Find the average cost and marginal Costs.
An increase in the interest rate is expected to cause the optimal level of human capital investment for an individual to:
Bert has an initial endowment of 10 units of food and 10 units of clothing. Ernie’s initial endowment consists of 10 units of food and 20 units of clothing. Represent these initial endowments in an Edge worth Box. Describe the set of allocations that..
Given the current state of energy use, which continues to grow exponentially in such countries as China and India, what measures can the United States and other Western countries take to produce more fuel-efficient and environmentally friendly fuels?..
What will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
An article appears in the New York Times revealing scientific research that eating dark chocolate daily reduces your risk of a heart attack by 25%. In the short term, what will happen to the demand for dark chocolate?
For every of the subsequent goods, indicate whether you expect demand to be inelastic or elastic also explain your reasoning
You are working for a company that is considering purchasing a new piece of equipment that will reduce operating costs by $4,000 annually. If the purchase price is $50,000, and it has a 25 year life with a salvage value of $5,000, what is the present..
What is the relationship between the multiplier and the marginal propensities? Explain.
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
Based on the information above, we can expect that over the next twenty years, the average annual percentage change in the peso per dollar exchange rate will be ______.
Which of the following would cause a movement along the supply curve (that is,a change in the quantity supplied)for hot dogs check all that apply
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