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Please answer the following question. The additional output produced by a firm as a result of hiring another worker is called the marginal product of labor. The amount by which a firm’s revenue will increase as a result of hiring one more worker is called the marginal revenue product of labor. Would a firm hire another worker if the marginal revenue product of labor exceeded the market wage rate? Why or why not?
Use the IS/LM-AD/AS framework to illustrate the short-run and long-run effects of a decrease in the markup (m?). Assume rational expectations. Explain the role of the interest rate here. That is, why does the interest rate have to fall?
write a paper addressing the following questions and reflections.part a stakeholders amp interrelationships 1. describe
A firm has the exogenous cost function C(Q) = 354Q-30Q^2 + Q^3. Compute the marginal cost function. Use calculus to find the value of Q at which average cost is minimized. Does this cost function satisfy the three assumptions made in class concerning..
Suppose there is an increase in the monthly fire insurance premium that department stores have to pay. Assume that department stores are a competitive industry. In the short-run, will the prices of goods sold at department stores increase or remain u..
Suppose the demand and supply curves for a good are given by: Find the equilibrium price and quantity. If the current price of the good is $100, what is the quantity demanded? What is the quantity supplied? How would you describe this situation? Equi..
Your pharmacy provides services to Medicare and PPO patients. You estimate a price elasticity of demand of -2.2 for Medicare patients and -5.3 for PPO patients. Your marginal and average cost for dispensing a prescription is $2. What is the profit-ma..
Suppose that two countries are exactly alike in every respect except that the citizens of country A have a higher depreciation rate than the citizens of country B. a) Which country will have the higher level of output per worker in the steady state?
"Anyone who tells you that markets left to their own devices always lead to socially beneficial outcomes is talking utter nonsense." Do you agree with this statement? Defend your position.
Suppose PlayStations and PlayStation games are complementary goods. Now there is a technological advance in the production of PlayStations. Use a supply/demand diagram of PlayStations market and a supply/demand diagram of PlayStation games market to ..
The Laffer Curve indicates that
What is likely to be the effect of such increase in government expenditure on the budget balance for the government and on national debt if there are no other policy changes?
Compute the range of demand for which each location has a cost advantage. Which plant location is best if demand is 30,000 units?
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