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A firm currently uses 100 workers to produce 200 units of output per day. The daily wage (per worker) is $80, and the price of the firm's output is $50. The cost of other variable inputs is $600 per day. The firm’s fixed cost is 8,000. The marginal cost of the last unit is $50.
Given the information, what is the profit or loss?
Should the firm continue to operate? Carefully explain your answer.
Draw and explain a production possibilities frontier for an economy that produces cars and computers. What happens to this frontier if a new technology was created which reduced the production cost of steel by 75%?
Give two examples of actions taken by the administration of yourcollege whose effect is to prevent specific markets from reaching equilibrium
Describe managerial/leadership roles, skills, and strategies facilitating positive change outcomes in relation to assisting the organization to prepare for change and discuss the importance of preparing the organization for change.
Is HSBC Global Corporation, Multi Domestic Corporation or borderless organization for its business in Japan? While HSBC claims that it is the world’s local bank, can it become a local bank in Japan? What should HSBC have done before they considered a..
Now suppose the economy currently produces 2,500 garments of clothing and 3,000 bushels of wheat, illucidate which is represented by point B. Under these conditions, the opportunity cost of producing an additional
What is the future worth of a series of even payment series of $1,674 made at the end of each 6-month period for 9 years at 6 % compounded semi-annually?
Consider a farmer who can either plant or market/consume his crop. Whatever amount he plants becomes a crop twice the size the following year. For example, if he plants seed from 2 ears of corn, he gets 4 ears of corn at harvest. Assume he starts off..
Which leads to higher interest rates, which leads to higher output? Which leads to higher inflation? Which represents a more hawkish Fed? Which represents a more dovish Fed?
What is the immediate effect of the increase in demand on the price and quantity of yellow corn? Yellow corn and white corn (the key ingredient in corn tortillas) are substitutes in production. As a result of the changes in the market for yellow corn..
Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year. Explain whether simply drawin..
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