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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.
Janet Gilbert is director of a lab. She has some extra capacity and has contracted with some small neighboring hospitals to run some of their lab tests. She has recently had a
There are only two consumers, Ann and Bob, and only two goods, the quantities of which are denoted by x and y. Ann owns the bundle (15, 25) and Bob owns the bundle (15, 0). De
Suppose interest rates pick up in the next two months so that, in August 2017, banks flood the market with the excess reserves they've been holding since 2008. Illustrate th
When we speak of "government purchases" in calculating aggregate demand, we mean purchases by a. all levels of government local, state and federal b. local governments only c.
If market participants expect higher inflation in the future, the quantity of loanable funds demanded will increase. This will cause a movement along the demand function for l
How many people can be catagorized as frictionally unemployed? How many people can be categorized as structurally unemployed? How many people are not in the labor force? What
Given the nominal interest rate of 17?% and the expected inflation of 13?%, then the value of the real interest rate is ___ ? with the real interest rate equal to 3?% and the
Treat the country listed as the home country, and treat the United States as the foreign country. Suppose the cost of the market basket in the United States is P(US)=$190. cre
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