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MICROECONOMICS
The salmon fishery in Alaska's Bristol Bay has historically been one of the world's richest. Over the past few years, poor returns of salmon to the Bay and competition from farm-raised salmon have reduced the economic returns to the fishermen. One response to lower revenues has been for fishermen to use family members instead of hiring crew "in order to reduce their costs." Evaluate this business strategy. Will employing relatives really keep profits from falling?Under what conditions is this a good strategy? (Look at it from the viewpoint of Economic vs. Accounting Profits)
Length: 200 words.
Let's say that your firm's total product curve includes the following data: one worker can produce 8 units of output; two workers, 20 units; three workers, 34 units; four workers, 50 units; five workers, 63 units; six workers, 70 units; seven workers, 78 units; eight workers, 80 units; and nine workers, 77 units.
a. What is the marginal product of the seventh worker?
b. When does the law of diminishing marginal product set in?
c. Under these conditions, would you ever choose to employ nine workers? Why?
What uniform annual series of cash flows over a 12-year period is equivalent to an investment of $5,000 at t=0, followed by receipts of $600 per year for 11 years and a final receipt of $1,600 at t=12 if the investor's time value of money is 6 percen..
Presume that the government decides to guarantee an above-market price for a good by buying up any surplus at that above-market price. Using a conventional supply-demand diagram, illustrate the following gains and losses from such a price support: Th..
as part of a study for the department of labor statistics you are assigned the task of evaluating the improvement in
you have been hired as a consultant by your local mayor to look at the various market structures. your role is to
felix is a wheat farmer who has two fields he can use to grow wheat. the first field is right next to his house and the
Name five basic functionalities a Web server should provide. What are some of the policies that e-commerce businesses must develop before launching a site, and explain why must they be developed?
What is the current Federal Funds rate? What does that tell you about the effectiveness of future monetary policy? (Remember the Fed to counter a recession uses expansionary monetary policy that results in lower interest rates.)
Derive the demand curves for GGC's product in each market and derive GGC's marginal revenue (MR) and marginal cost (MC) curves in each market. Show graphically GGC's demand, MR, and MC curves for each market.
A company produces an electronic timing switch that is used in consumer and commercial products. The fixed cost (CF) is $73,000 per month, and the variable cost (CV) is $94 per unit.
The increase in the share of profits in national income has brought about demands for an increase in corporate tax. Consider a closed economy where the share of profits in national income is α, and where d of the after-tax profits are distributed ..
Assume that keynesian model applies to the economy in the short-run. After the stock market fell sharply in 2008, the aggregate denabd decreased greatly around the world. in order to prevent the short-run economic recession, which monetary policy ..
A set of reading scores for fourth-grade children has a mean of 25 and a standard deviation of 5. A set of scores for ninth-grade children has a mean of 30 and a standard deviation of 10. Assume that the distributions are normal. Draw a rough ske..
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