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1. Graph a short-run production function, and the marginal and average products of that function. Label the stages of the function. Make sure your graph and stages show the correct relationships between MP, AP, and the stages. 2. A clothing store is considering implementing a job training program for temporaryworkers during the holiday rush, in a perfectly competitive labor market:MRPUntrained $100/dayDuring training $20/dayTrained $150/dayTraining lasts for 2 weeks (5 work days/week), and workers would remain employedfor 6 more weeks after training is over. (a) Suppose that this training involves learning to use the cash register, properly folding clothes, and basic customer service. Who would benet from this training, the workers or the rm? Would that party choose to implement the training program, or not? If it were implemented, what would worker pay be during each period (before, during, and after training)? (b) Now suppose the training involves learning the specic policies of the company and more about their specic clothing lines. In this case, which party would benet from the training? Would it be implemented? And what would worker pay be during each period?
a widget manufacturers production function is specied as y kl 64k12 l12 in the short-run the widget producer fixes
Suppose that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand variesfrom 1.5 to 0.75. What can you say about total revenue
.In the long run, a price increase from $1 to $2 has an elasticity of supply of 1.50. So how many popsicles will be sold per day in the long run if the prices rises to $2 each ( Hint : Apply the midpoints approach to the elaticity of supply.)
The economy of Sonrisa has 1000 people in three income categories: poor, middle class, and rich. The poor ear $500 per year and have to spend it all to meet their consumption needs. The middle class earn $2,000 per year, of which $1,500 is spent a..
One unit of object is going to be sold via auction. There are two bidders, A and B. Their willingness to pay are known to be either of 10,20,30,40,50 and bids are also restricted to those values.
suppose that firm 2 acts as a price leader and can commit in advance to setting its price once and for all. In turn, firm 1 will react to firm 2 s price, according to the profit-maximizing response found earlier, P1=52.5+.25P2. In committing to a ..
What are the relative strengths and weaknesses of these arguments and supporting evidence compared to other readings this week or this term? (5 or 6 bullets)
Five years ago, when the relevant cost index was 120, a nuclear centrifuge cost $40,000. The centrifuge had a capacity of separating 1500 gallons of ionized solution per hour. Today, it is desired to build a centrifuge with a capacity 4500 gallons..
Household spending is given by the following equation: C = $100 + 0.70Yd and Intended Investment = $125. (a) Calculate the equilibrium level of income in the economy, and explain why this is the case.
a. Calculate the percentage return on the security if the payoff to the security in one year is $1,000, $1,500, $2,000, or $2,500. b. If each of the outcomes in part a is equally likely, calculate the expected return on the security. c. Calculate th..
Now the company plans to invest of 9% per year. Now the company plans to invest the total amount accrued in another certificate that pays 9% per year compound interest. How much will the new certificate be worth 2 years form now.
First bank has total deposits of $2,000,000 legal reserves of $220,000. If the reserve requirement is 10 percent, what is the maximum loan that First bank can make, and what is the maximum increase in the money supply.
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