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Suppose that labor costs w=$100 per day and that at the current level of employment the marginal product of labor is 20. What does marginal cost equal? Show/explain. Interpret the value you obtained for marginal cost. If, at the current employment level, labor is subject to diminishing marginal returns, what happens to the value of marginal cost that you calculated if the firm expands the employment level? Explain.
Illustrate what are implications for economic analysis if most people don't follow economic decision rule in many aspects of their decisions.
If the Social Security retirement system was a private retirement system, it would be declared bankrupt. Discuss why this is so and why the Social Security system can continue to pay benefits despite the fact that it can be considered bankrupt. Discu..
When the price of natural gas is 3.71 per mcf, an average household uses 4.67 mcf. When the price of natural gas is 4.58, an average household uses 3.52 mcf. Calculate the intercept of the linear function that describes this relationship. The price o..
___does not count in GDP numbers until the final product is sold. This is used to change variables from nominal to real: This gov. policy is part of the collection of policies deemed "shock absorbers." This particular policy is used for those recentl..
Think about the pricing methods--markup pricing, target-return pricing, perceived-value pricing, value pricing, going-rate pricing, and auction-type pricing. As a consumer, which do you prefer to deal with? Why? If the average price were to stay the ..
The Wall Street Journal's experience after it increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about price elasticity.
Suppose in the first five years of working for ABC Corporation Emily earns $50,000 a year after taxes, but ABC makes no yearly contribution toward a retirement plan for her. However, after five years ABC offers Emily a choice of receiving a $5,000 af..
Govenor Swann wishes to reinforce the fort at Port Royal for $150,000. He believes this will save $70,000 per year in pirate-inflicted damage. The improved defense is expected to last three years. Given the military's discount rate of 5%, what is the..
Which of the following best exemplifies regulatory capture, or the capture theory of regulation?
Which of the following events may increase labor supply? Check all that apply.
In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..
Which stakeholder group is primary in both the Market Capitalism and Stakeholder model? Which type of economy allows private individuals and corporations to own the means of production and compete in a free market? The theory that government should i..
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