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The number of repairs manufactured through a computer repair shop depends on the number of employees as follows:
#of Workers #of Repairs
0 01 82 203 354 455 526 577 60
Suppose that all inputs other than labor are fixed in the short run.
a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers
b)Over what range of labor input are there increasing returns to labor? Diminishing returns to labor? Negative returns to labor?
c) Over what range of labor input is marginal product greater than average product? What is happening to average product as employment increases over this range?
d)Over what range of labor input is marginal product smaller than average product? What is happening to average product as employment increases over this range?
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The price elasticity of demand for a textbook sold in the US is estimated to be -2.0, whereas price elasticity of demand for books sold in overseas markets is -3.0.
What is the total amount of US government debt as of the time you look it up?
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
You are the manager of a firm that produces products X and Y at zero cost. You know that different types of consumers value your two products differently.
Suppose an economy has the following production function: Y=F(K,L)=K0.4L0.6, Determine the per worker production function.
Please describe how do Keynesian and Real Business Cycle economists differ on right response to Japanese stagnation? On what sorts of issues might they be able to agree?
Demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
Economic theory and history explains that less developed countries that open their economies to international trade and capital flows will grow faster and reduce poverty.
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
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