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Suppose a computer manufacturer is currently producing a total of 1 million computers in two states, Iowa and South Dakota. The firm is currently employing 50,000 production workers, with 20,000 working in South Dakota and 30,000 working in Iowa. The monthly wage of a production worker in South Dakota is $1,000, while the monthly wage of a production worker in Iowa is $1,800. Suppose the price of a computer is $500. Desiring to continue producing 1 million computers and knowing that the marginal product of a production worker in South Dakota is 1, while the marginal product of a production worker in Iowa is 4, explain why the firm should re-allocate labor away from South Dakota towards Iowa (i.e., cut back on workers in South Dakota and hire more workers in Iowa). Use isoquant analysis to illustrate your point(s).
The following information describes the value Lori Landlord places on having her five apartment houses repainted. She values the repainting of each apartment house at a different amount depending on how badly it needs repainting. Value of new paint o..
A foundry uses 3,600 tons of pig iron per year at a constant rate. The cost per ton delivered to the foundry is $145. It costs $92 to place an order and $18 per ton per year for storage. Find the minimum-cost purchase quantity.
Compute the equilibrium price (P) and quantities (Q) in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?
Consider two firms: a yoga studio and a bar. The bar produces noise which reduces the price that the yoga studio can charge from its customers.Assume that the bar can sell an unlimited amount of drinks at the market price p and its marginal cost incr..
Consider an open economy in which the aggregate supply curve slopes upward in the short run. Firms in this nation do not import raw materials or any other productive inputs from abroad, but foreign residents purchase many of the nation's goods and se..
The movement to free international trade is most likely to generate short-term unemployment in which industries?
Politicians are often heard saying that tuition at state universities should be kept low "to make education equally accessible to all residents of the state, regardless of income." Think about the flu shot in the context of a public good. What are th..
q1. the original revenue function for the microchip producer is r ocircdegsbquo 170q ocircdegeuro 20q2. derive the
If a bank has deposits totaling $200,000, and their reserve requirement is 10%, what is the total on their required reserves? If that bank had total reserves equaling $50,000, what are their excess reserves? What will banks likely do with their exces..
If you were boarded on an airplane that had already started taxing for takeoff when the plane suddenly stopped and turned around and the passengers were told to exit immediately because the airplane had gone out of business, and they were left str..
To what extent in life can people make choices to suit us and our own good? Or does the government and big business control us, de facto, or not, (and to what extent)?
Given your experiences as a consumer, do you consider monopolies to be good or bad for the general public? In crafting your answer, feel free to refer to a specific situation that you may have encountered to illustrate your point. Credit for this que..
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