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In the short run, labor is the only variable factor used by a firm in the production of a certain product. The manager of the firm has estimated that the marginal product of labor is given by MPL = 160/√L. The wage per unit of labor is w = $24, and each unit of output can be sold at a constant price P. The firm is maximizing profits by employing L = 100. Based on this information
A. the price of each unit of output is P = $1.5.
B. the firm will increase L if w increases
C. the law of diminishing returns does not hold
D. none of the above.
Explain the main differences between the three main nominal anchor choices presented in Chapter 3: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy.
What is the nominal GDP in 2011? What is the real GDP in 2011 (using 2010 prices)?
Discuss JIT-Just-in-Time and Lean Production - Discuss Collaborative Commerce and its benefits.
How is it possible for some people to pay negative taxes? Why is it important to distinguish between deficits and debt? Why may a budget surplus be considered undesirable?
It will provide benefits of $4000 at the end of Year 1, $3,500 at the end of Year 2, and $3,500 at the end of Year 3. If the discount rate is 6%, will this project be approved using cost-benefit analysis?
Find out the purchase price to gain thirteen percent compounded semiannually.
Total hours worked, and average labor productivity all are procyclical. Which variable, output or total hours worked, increases by a larger percentage in expansions falls by a larger percentage in recessions.
Truckco manufactures two types of trucks; the T1 and the T2. Each truck must go through the painting shop and the assembly shop. If the painting shop were completely devoted to the T1, 800 trucks could be painted in a day. Use solver table or paramet..
Elucidate the Total Cost also the firm total profits. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.
As you know, the Affordable Care Act expands coverage for low-income US citizens by giving them access to Medicaid. As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Me..
Assume that labor supply and labor demand are described by the following equation -labor supply: L=5w -labor demand: L=110-0.5w where w=wage expressed in dollars per hour, and L(s) and L(d) are expressed in millions of workers. find the equilibrium w..
At the beginning of the year, you bought 100 shares of Microsoft common stock for $105, and over the course of the year, the company paid a dividend of $6 per share. At the end of the year, you sell your 100 shares for $95. The inflation rate for the..
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