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In the short run, a particular type of skilled labor is the only variable factor used by a firm. The manager of the firm has estimated that the marginal product of labor is given by MPL = a - b L, where a and b are numbers to be specified below. The hourly wage is w, and each unit of output can be sold in a competitive market at a market price P. If w = $78, P = $25, a = 50, b = 2, and the firm is employing L = 22, then based on this information
Write a C++ program which calls a factorial function to calculate N!. N! is the product of all whole numbers from 1 to N. For example, the factorial of 5! is 1 * 2 * 3 * 4 * 5 = 120.
Suppose there are 9 firms in the photographic film industry with corresponding market shares as given in the table above. Under present merger guidelines with respect to industry HHI and the change in HHI resulting from a merger
What do we call the market value of all final goods and services produced within a country in a given period of time?
Explain what would happen in the market for chicken if the price of beef suddenly increased and remained high. Use supply and demand analysis in your answer and consider the elasticity of demand and the cross-price elasticity of demand in your answer..
Assume that the United States is initially operating at its full-employment level of output and prices and wages are eventually flexible both upward and downward. Construct a long-run AD-AS model.
1. A consulting firm estimated the market demand and supply functions for coal in 2014 and obtained the following results:
Santiago runs a home remodeling and repair business. List the three key economic questions, and give relative examples as they apply to his company. Explain. How could thinking at the margin help Santiago increase his revenue?
As of 2011, 38 percent of black children under the age of 18 were living with both parents, while the corresponding figure for non-Hispanic white children was 77 percent. In addition, the existence of racial residential segregation results in blac..
RainAway, Inc., makes polymers used to coat the windshields of car's, planes, and boats-Complete the following table based on the RainAway product's price, output and costs per year:
You are the lead economic advisor for the United States and asked how to best stay on the path toward long run economic growth.
you can order a new model of a electronic notebook in one of five colors. the notebookalso comes loaded with one of
Elucidate how these economic concepts can be used to address the firm's problems and opportunities.
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