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A firm uses both labor and capital in its manufacturing process which can be substituted for each other to some degree. The cost of labor is $15 per hour, and the last worker hired produced 20 units per hour. Machinery can be rented at $32 per hour, and marginal product of capital is 40 units per hour. What should the firm do?
a) increase its use of labor
b) increase its use of capital
c) Keep the mix of capital and labor the same
Explain the reason
Can you please help with a five page research paper that explains the relationship between the price elasticity of demand and total revenue? Please include a separate page with references. Thank you for your help
If a monopolist’s marginal revenue from selling another unit is negative, then its total revenue must be __________ and the price elasticity of demand for its product is _______.
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The Sharing Economy 1) Discuss the pros and cons of this disruptive business model. Is it good for job creation? Use a specific example(s) to support your answer. 2) Identify a market segment where you feel "collaborative consumption" is likely to be..
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