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1. Why does production eventually experience diminishing marginal returns to labor in the short run?
2. You are an employer seeking to fill a vacant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired? If you observe that your average product is just beginning to decline, should you hire any more workers? What does this situation imply about the marginal product of your last worker hired?
suppose that a consumer's preference between the good x and y are represented by the utility function u(x,y)= x+y. If these two goods have the same price, describe the optimal consumption choices of this consumer.
1. what determines the pattern of international trade in the ricardian model?2. using the ricardian model explain why
The relationship between the less- developed- countries and the developed countries in the evolution of international trade has always been a bit strained. Discuss this relationship, including policies adopted and /or advocated by each group to "help..
The economy is experiencing a contraction (recessionary gap) of $400 billion. What government spending stimulus would you recommend to move the economy back to full employment if the MPC is 0.75? Would your policy be any different if the MPC were ..
What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
answer a b c and d using the following informationsuppose that the supply schedule of maine lobsters is as followsprice
Using a method similar to the CPI, compute percentage change in the overall price level. Use 2011 as base year, and fix the basket at 1 karaoke machine and 3 CDs.
Consider an economy in which a monopolistic firm serves two identical, but separate markets, what is the total amount produced by the monopolist in equilibrium?
People are more likely to clean up waste in their homes than at a community park because people expect the community park to be dirty.
at a recent meeting the president and the ceo of production inc. got into a heated argument about whether or not to
The industrialization period of the late 1800's saw several new forms of energy developed, including 1. more effective use of humans and animals to power machinery using treadmills.
Compute the natural rate of unemployment. Does it depend on the way people form their expectations of inflation? 2. Discuss the way people form expectations of inflation is modeled. 3. Compute the rate of inflation for years t, t+1, t+2 and t+3. 4. N..
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