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Assuming that labor is the only variable input in the short run, draw a typically shaped marginal product cuve for labor. Explain why the curve looks like this. Identify the point where the law of Diminishing returns sets in. Explain why we expect this to occur. What does the shape of the marginal product curve tell us about the shape of the corresponding MC curve? Explain?
Two customers Justin and Cindy of the same product have the following demand curves: Q1 = 500 – 10 P and Q2 = 500 – 20 P. The marginal cost (MC) for the firm is $10. compute the prices when the firm discriminates among the two consumers. Is this a go..
Calculate John's maximum daily profit and what is John's supply curve? Mathematically represent and then explain.
Suppose that the Fed buys $10 million of bond from the First National Bank. (a) Use T-accounts to show how this operation affects the balance sheets of the Fed and of the First National Bank. What happens to reserves and monetary base right after the..
which of the following public policies restricts competition?a. licensingb. patentsc. import quotasd. all of the
1. a do protectionist policies benefit producers consumers workers or the government? explain.b explain how the buy
Each day millions of Americans purchase millions of goods and services. These goods and services are generally readily available, as long as you have the necessary money to purchase them. How is it possible for all of these goods and services to be r..
The owner-manager of Good Guys Enterprises obtains utility from income and from having the firms behave in a socially conscious manner such as making charitable contributions or civic expenditures.
Return again to the cartel in Problems 4 and 5. Now suppose that the market game repeated indefinitely. What is the discount factor (sigma) is necessary now in order to maintain the collusive agreement in an indenitely repeated setting
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Payments to the fund will be made quarterly, starting theee months from now. If the interest rate for the sinking funs is 8% compound quarterly, how much will each deposit be?
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:
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