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a firm produces digital watches on a single production line serviced during one daily shift. The total output of watches depends directly on the number of labor hours employed on the line. Maximum capacity of the line is 120,000 watches per month; this output requires 60,000 hours of labor per month. Total fixed costs come to $600,000 per month, the wage rage averages $8 per hour, and other variable costs average $6 per watch. The marketing departments estimate of demand is P = 28 - Q/20,000, where P denotes price in dollars and Q is monthly demand. A. How many additional watches can be produced by an extra hour of labor? What is the marginal cost of an additional watch? As a profit maximizer, what price and output should the firm set? Is production capacity fully utilized? What contribution does this production line provide? B.The firm can increase capacity up to 100% by scheduling a night shift. The wage rate at night averages $12 per hour. Answer the question in part A in light of this additional option. C.Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
We are all familiar with fluctuating prices of gasoline at the pump. Explain why does this happen.
Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place.
When Michael got a pay raise and began to earn $6,000 per month, his demand shifted outward to Q = 20 – 0.25P. Given this information, find Michael’s income elasticity (EI) for filets.
Elucidate use blue points (circle symbol) to plot the federal debt as a percentage of nominal GDP for each of the six years.
An open economy with a fixed exchange rate follow a money growth rule successfully if capital moved freely across its borders..
compute the breackeven output quantities for each alternative. What is the difference between movements along IS and LM curves and shifts of the entire curves.
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Illustrate what is the market elasticity of demand. What is your elasticity of demand in this Cournot oligopoly.
What are some of the other key roles in the Planning Process.
Coupled with $160 annual tax rebate per household. Will the household be better or worse off under the new program.
The legislature has stated that the $.03 tax will increase goverment revenue by $300,000 per month and raise the price of gasoline by $.03 per gallon. is this correct.
Illustrate what is the maximum profit. Suppose that the fixed cost rises to $200,000. How would this affect the profit-maximizing price.
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