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Assume that you are the manager of a company that experiences a 50% increase in market demand for its product during the summer months (June through August). One option for meeting this increased demand is to require existing company employees to work overtime for 20 hours per week. A second option is to hire seasonal workers to meet the demand, and the third option is to subcontract the extra production to a competitor.
What are the likely opportunity costs associated with each option? Explain your rationale.
Based on the principle of increasing opportunity costs, which of the two options would you select and why?
Why do you think this option will reduce the opportunity costs more than the other options?
Draw a typical Phillips Curve. Explain why some economists claimed that the Phillips Curve represented a menu of social choice. Do economists still believe in the menu view of the Phillips Curve? What view has replaced the original view?
Principle theory of management. Where does the Coast Guard fit into the mix? What are the classes of crimes? Why does the security manager need to understand them?
It is likely that your college tuition will increase an average of 8% per year for the next 4 years. The annual cost of tuition at the beginning of your freshman year in college will be $12000 (A1). How much money will you and your parents have to de..
Suppose the current equilibrium price of a quarter-pound hamburger is $5 and 10 million quarter-pound hamburgers are sold per month. After the federal government imposes a tax of $.50 per hamburger, the equilibrium price of hamburgers rises to $5.20 ..
What are key differences between ontological, teleological and cosmological arguments. Identify philosopher who you think best supports his or her argument. Explain your answer briefly.
The saving in manufacturing costs, owing to the special tools, is estimated to be $150,000 per year for 5 years. Assume MACRS depreciation for the special tools and a 39% income tax rate. What is the after-tax payback period for this investment?
An aggressive crackdown by Egypt's interim government on smuggling tunnels between Egypt and the Gaza Strip is crushing the Palestinian enclave's economy, sparking concerns it could fuel a militant backlash. To get around the blockade, Gazans smuggle..
After your review of the United States Constitution, and in consideration of the controversy amongst Republican party Presidential nominees regarding the citizenship status of Senator Ted Cruz of Texas, is he indeed eligible to run for President of t..
Suppose your utility over donuts (D) and sodas (S) is given by U(D, S) = D0.5S0.5 + 10. a. Calculate the marginal rate of substitution (MRS) between donuts and sodas. b. Suppose you have income of Y dollars to spend on donuts and sodas each week. Den..
What is comparative Advantage? What role does it play in international trade? Name and explain two sources of U.S. comparative advantage. What effect does currency depreciation / appreciation have on a appreciation have on a coconut export trade. Def..
Suppose the production function for pasta is Q = 4kl ; What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 and what is the long-run total cost function when r = 4 and w = 36
A luxury good is defined as one for which:
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