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Suppose the employees of Starbucks in China are paid 8 yuan per hour and a cup of coffee is priced at 8 yuan. If Starbucks is maximising its profit,
a) What is the value of marginal product of labour (VMPL) per hour of the last worker employed by Starbucks? Briefly explain your answer.
b) What is the employee’s marginal product per hour of the last worker employed? Briefly explain your answer
c) Substantial foreign capital has been flowing into mainland China since the early 1980s. How has this affected the wages and workers employed in China? Explain with a diagram.(refer to labour)
Elucidate how the equilibrium quantity for the representative firm on the same graph.
A tropical country can produce winter coats, but there is no domestic demand for these coats. Explain how this country can gain from free trade in winter coats.
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
Illustrate what output does the low point of ATC occur and illustrate what is the ATC at that output. Explain how your calculations.
Suppose a demand curve has a vertical intercept of (0,100). Suppose a supply curve has a vertical intercept of (0,0). The equilibrium price is $50 and the equilibrium quantity is 60. What is the total surplus in dollars?
Under the household production model, the full cost of any activity equals: Occupational segregation is more likely to explain the: Employer discrimination imposes costs on:
Indicate the various components of GDP when it is derived by the resource cost-income approach. Calculate using the resource cost-income approach.
Economists oppose limiting economic growth possibilities because such limits would inevitably involve
We know that Keynes and Minsky both had a multipoint description of the trade, or business, cycle with Minsky being more detailed than Keynes. Using Keynes' elements of the trade cycle as major bullet points, as-sign Minsky's elements of the business..
A monopolist with a straight line demand curve finds that it can sell two units at $10 each or ten units at$2 each. Its marginal cost is constant at $8 per unit. A monopolist would produce how how many units and charge how much? A perfect competitor ..
Given that the demand for tickets is a binomial random variable with parameters n = 10 and p = 1/2, illustrate how many tickets should she buy in order to maximize her expected profit.
The rate of annual deflation as applied to each box of kitchen gadgets over the remaining four-year period below which your venture will become unprofitable. Explain how you determined the rate
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