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Define gross domestic product. Determine whether each of the following would be included in the 2012 U.S. gross domestic product: a. Profits earned by Ford Motor Company in 2012 on automobile production in Ireland
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product. c. Find the number of labor (L) that the firm should hire to maximize total product of labor. d. Find the number of labor (L) that the firm..
Consider the pricing problem of Alcoa's cookware division. Suppose that the world last for only two periods, period 1 and period 2. A saucepan last two periods, so that a saucepan that is bought in period 1 can also be used in period 2. Consumers val..
Using the Keynesian cross model, draw a graph to illustrate and explain what will happen in an economy when planned aggregate expenditures are greater than real GDP (i.e., A.E. > Y). How is equilibrium achieved in this economy
Choose an existing good or service from Will Bury's Price Elasticity, Incremental expenses, or Thomas Money Service Corporation scenarios, or choose an existing business with which you are familiar.
HoneyBee Farms, a medium size manufacturer of honey, operates in market that fits competitive market definition relatively well.
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
What is the relationship between the average variable cost and marginal cost and relation between average product and average variable cost?
College students sometimes work as summer interns for private firms or for the government. Many of these positions pay very little or nothing.what is the opportunity cost of taking such a job.
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
What is the structure for a firm with at least some ability to determine price? How are price and output levels determined rationally? Since price can, at least to some degree, be determined by the seller, is this firm sure to enjoy profits?
What are the factors that affect pay differentials? How does each factor increase or decrease relative wages?
Citrus Speculation and Forecasting, Corporation, has been employed by a private consortium of orange growers to forecast what will happen to the price and output of oranges under the situations listed below.
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