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You are the manager of a new firm that can choose between two technologies for producing output using only labor. Technology A can produce two units of output for each hour of labor input. Technology B can produce three units of output for each hour of labor input up to 100 hours, and β units of output for each hour of labor above 100 hours. For what values of β is technology B more productive than technology A?
Some restaurants are open only for breakfast and lunch but are closed for dinner. What economic factor's determine if it is better to close the restaurant for dinner or leave it open for all three meals times. What general costs (Fixed and/ or variab..
Suppose that the price of good X is $10, the price of good Y is $20, and our income is $100. a. What is the maximum amount of good X you can buy? What about good Y? b. Write down your budget constraint and solve it for Y. c. Sketch a graph of your bu..
Suppose that two firms both have AVC = $50. Market demand is given by Q = 100 - P. Find the Bertrand Equilibrium. Would your answer be different if there were three firms?
Define the agents of socialization. Compare and contrast the two major economic systems. Identify a shortcoming of each system. How is socioeconomic status determined? Also discuss the major social classes. Discuss the eight steps in the research mod..
How large is economy of India? Indian GDP in 2010 was 78.9 trillion rupees,while U.S GDP was $14.5 trillion. The exchange rate in 2010 was 45.7 rupees per dollar. What is the ratio of Indian GDP to U.S. GDP if we do not take into account the differe..
If individuals resisting change are included in making change decisions in an attempt to gain their support, what is this approach called?
Which type of unemployment is most likely to fall as a result of government policies that stimulate aggregate demand? The natural rate of unemployment never changes. Changing the discount rate is a tool of fiscal policy. Government demand-management ..
How must federal, state, and local public health agencies balance the cost of serving the people with the cost of ensuring there are appropriate and effective emergency preparedness programs in place? Who should pay and why?
If a policy is Pareto optimal:
At the beginning of your answer be sure to explain what a price floor is, explain why the government might impose a floor, and who it is intended to benefit.
A couple just welcomed the birth of their new child and decides to set up a an interest-bearing account for the child’s college tuition. They hope to save $100,000 by the time the child enters college. Given that they plan to increase their contribut..
What are some of the challenges faced by marketers as they attempt to define their target markets
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