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Economan has been infected by the monopolistic competitive bug. He takes over the Friendly Space Trooper Agency (FSTA) and makes it the only sweet deal available in the galaxy. The only variable input he employs is labor. He is currently producing 150 units of super-duper Trooper service and selling them for $20 apiece. He is considering the possibility of hiring an additional full-time employee. Economan estimates that daily output would increase to 160 units if he hired this additional person and that he would be able to sell all of those units at a price of $19 each. What is the MRP of labor equal to in this situation? Assuming that Economan takes the price of labor as a given, what is the maximum daily wage that would make it in his best interest to hire this additional employee? (Economan needs to have you explain your answer to him fully to award you full credit and a chance to be an honorary space cadet in the FSTA. Points are given for attempting to blast off.)
Draw a diagram to Explain how effect of advance of technology in labour market.Illustrate what is when-to-work decision when technology advances.
A firm has fixed cost of 2,000.Its short-run production function is y+4X and one-half, where x is the amount of variable factor it uses. The price of the variable factor is $3,000 per unit. Illustrate where y is the amount of output the short-run..
Suppose the US government places a ceiling on the price of internet access also a black market for Internet providers arises, with internet providers developing hidden connections.
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
Write an equation for predicting sales if Austen assumes that the percentage change in sales is twice as large as the percentage changes in income and advertising
Suppose the owner of the trawler can sell al the fish caught for $75 every 100 pounds also can hire a man crew members as desired by paying them $150 every week.
If the product price is $105, at its optimal output will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Can you explain the law of diminishing returns in your own job place. Can you find a counter example.
Explain why the operations of Copper Kettle Catering conducive to the application of lean concepts and practices.
Explain how to structure her essay properly and illustrate what sorts of mistakes she should avoid making. Drawing on your prior writing experience, as well as knowledge you have gained from this phase, illustrate what advice do you offer.
He finds which he is overworked also which several of his research scientists seems to be spending work hours playing tennis.
Which of the following was not a contributing cause of the decline in investment and thus the recessionary expenditure gap occurring during the U.S. recession of 2001.
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