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Consider a firm that produces military equipment. It employs 2,000 workers and pays each of them a competitive wage of $40,000 per year; its total labor costs are therefore $80 million per year. The firm also has other, non-labor costs of $30 million per year. Last year, the CEO of the company paid a lobbyist $1 million to help arrange a meeting with key members of Congress. That meeting led to a deal in which the firm sold $150 million worth of equipment to the U.S. military. The board of the company was so pleased with the CEO that it gave him bonus pay. All told, the CEO earned $10 million that year--250 times what the average line worker earned. The remaining $29 million of earnings was distributed to shareholders. Which of the people in this story added value to the military equipment produced by this firm? I. The workers II. The lobbyist III. The CEO IV. The U.S. Military V. The shareholders A. I only B. I, II, III, IV, and V C. I and III only
The following data were collected on the height (inches) and weight (pounds) of women swimmers where height is the independent variable and weight is the dependent variable. Height (x) = 68, 64, 62, 65, 66 Weight (y) = 132, 108, 102, 115, 128
(a.) Is demand elastic or inelastic in the $6-$8 price range How do you know (b.) If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 1700 units to 2300 units
(A pence was a British monetary unit equal, at that time, to 2 cents U.S.). Q = output, measured in millions of kWh per year Z = plant size, measured in thousands of kilowatts C. Holding plant size equal to 150,000 kilowatts
Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 15 2 40 3 70 4 86 5 94 6 98 In the table below, you will determine several points on the firm's ..
This bank can safely expand its loans by what amount c.by expanding its loans by this amount in part (b), its checkable deposits would expand to what amount (if all loans were made to ch3ecking account customers)
A business invested $12,000 in a piece of equipment which helped reduce labor costs by $2,000 annually and reduced rejects by an estimated $1,800 annually. After 5 years, the machine has to be replaced by a new machine for the same cost.
There is a single difference: we've changed the exponent on At in the production function of the output good so that there is now a diminishing marginal product to ideas in that sector. 1. Provide an economic interpretation for each equation.
Using the following demand schedule, compute marginal and average revenue: Quantity 1 2 3 4 5 6 7 8 Price 100 95 88 80 70 55 40 22 Suppose the marginal cost of producing the good above is constant $10 per unit.
Obtain standard errors of your estimates in part (a) using the Wild bootstrap with and using the bootstrap (with B = 9; 999) test H0 : 2 = 0 vs. H0 : 2 = 0 at the 5% level.
You own a building that has 4 possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the building in each use is $2000; $3000; $4000; and $5000, respectively. You decide to open a hardware store. The opportunity cost..
Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save Mary 25% per month on her credit ca..
Predict gross benefits if admission is set at $1.00 and Dryville has marginal excess tax burden of 0.25. In answering this question, assume that the fees are used to reduce taxes that would otherwise have to be collected from the citizens of Dryvi..
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