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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Total TotalWorkers Labor Cost Output Revenue 1 $200 50 $350 2 400 140 675 3 600 220 1120 4 800 270 1570 5 1000 300 1865 6 1200 315 2070 7 1400 320 2170(a.) What is the marginal product of the second worker?
(b.) What is the marginal revenue product of the fourth worker?
(c.) What is the marginal cost of the first worker?
(d.) Based on your knowledge of marginal analysis, how many workers should you hire?
country a and country b produce fruit and timber. each country has a labor force of 1200. country a can produce 10
Economic Colleagues, first, pick one of the following: explain two effects of an open economy on monetary and fiscal policy, or evaluate the role banks play in world financial markets.
describe a single non-profit provider, describe a model that can be uses to predict the quantity of health care services provided. Identify the health economic issues of non-profit providers, state why non-profit providers or organizations are imp..
Consider a perfectly competitive market where market demand is given by Qd=30-P and market supply is given by Qs=2P. In this market, the government has imposed a production quota of 10.
g.r. dry foods distributors specializes in the wholesale distribution of dry goods such as rice and dry beans. the
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
Show computation and graph
After completing the Uruguay GATT round, S-land decided to conform to WTO. They implemented a tariff-quota. That is, a tariff, t, was defined as the exact difference between the domestic pric, Pd, and the world price, Pw, immediately before implement..
Presume that the Malaysian ringgit is pegged to the US dollar at 2.5 ringgit/$. The central bank of Malaysia has $1 billion of international reserves left. Malaysian banks offer short term loans and deposits for any amount at an interest rate of 10 p..
choose an industry you have not yet written about in this course and one publicly traded corporation within that
Consider a new per-worker employment tax on workers (where previously there was no tax). Outline the consequences of this tax on the local labor market. Use appropriate, clear, and well-labeled diagrams. In your answer show (1) the burden of the tax ..
Compute the average product of grain when each amount is used. Determine the marginal product of grain when between 1,200 and 1,800 pounds are fed, when between 1,800 and 2,400 pounds are fed, and when between 2,400 and 3,000 pounds are fed.
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