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Frank Gunter owns an apple orchard. He employs 40 apple pickers and pays them $7 per hour to pick apples, which he sells for $3.50 per box. If Frank is maximizing profits, what is the marginal revenue product of the last worker he hired? what is that worker's marginal product?
A long-run supply curve is flatter than a short-run supply curve because firms can enter and exit a market more easily in the long run than in the short run is it true or false.
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
Have your students take a poll: Students should have survey five friends to get their responses to the question, "if the tax on beer were increased, would it result in you buying fewer cigarettes" 2) You have six hours to study for two exams tomo..
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, ..
You have been employed to manage a small manufacturing facility which has cost and production data given in the table listed below.
We make selections as customers every day. Opportunity cost is defined as a person's next best option or the cost of what you give up when you make a choice.
In your role as new human resources manager, you plan to make a series of videos with various situations. These situations will allow the workers to view real life sexual harassment issues that they may have to deal with.
1. Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss How does an import quota differ from an equivalent tariff What is best for a nation as a whole: a tariff, a quota, or free trade
Your firm currently uses 69 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is 100 per day. Fixed costs are $2100 per day. What is to..
Becky really likes Macaroni Grill but can only afford to eat out 4 times a year.So calculate for restaurants the income elasticity of demand?
The local government of singapore is concerned about increasing rental costs for residents, and decides to impose a ceilong price on the maximum rents that can be charged by landlords on apatments and houses.
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