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1. The owner of a small car-rental service is trying to decide on the appropriate numbers of vehicles and mechanics to use in the business for the current level of operations. He recognizes that his choice represents a trade-off between the two resources. His past experience indicates that this trade-off is as follows:Vehicles Mechanics
100 2.5 (include one part-timer) 625,50070 5 545,00050 10 550,000.40 15 615,00035 25 835,00032 35 1,067,000
2. Illustrate the problem with the use of an iso-quant/iso-cost diagram. Draw two hypothetical iso-cost curves: one with annual leasing cost per vehicle being relatively inexpensive to the annual salary per mechanics, and another with annual leasing cost per vehicle being more expensive to the annual salary of mechanic. Indicate graphically the optimal combination of resources depending upon two reverse cases of iso-cost curves, and discuss implication behind two different optimal combinations of resources.
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result.
Gillette's shareholders, Chairman and CEO James Kilts indicated, "Despite several new product launches, Gillette's advertising-to-sales declined dramatically . . . to 5.5 percent last year. Gillette's advertising spending, in fact, is one of the l..
1. general utility maximizationlist the oumlrst order conditions for the following problemfirst ignore the implicit
Using concepts used just in Microeconomics(and ignoring any that you might think relevant from Macroeconomics), what does economics have to say about global warming. Is the lesser role for he market and of competition in China.
Critique or defend two (2) of Jevons' views on public policy. Substantiate your position with evidence of the success or failure of current public policies favored by William Stanley Jevons.
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
1. construct a numerical example to show that as marginal product mp rises marginal cost mc falls. explain your answer
Which country has a comparative advantage in producing fish? Explain why. Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati import from Tuvalu? Explain why.
Michelle spends her weekly income of $50 on two goods: cans of hairspray and bottles of nail polish. The price of a can of hairspray is $5 and the price of a bottle of nail polish is $4. If the price of a bottle of nail polish falls to $3:b. the o..
The cost for loss of heat from the pipe per meter is $4.8/X1/2 per year. Here, X represents the thickness of insulation in meters, and X is a continuous design variable.
On the other hand, suppose that the Fed has a goal of 10% inflation. Use similar logic as in the previous question to show what the Fed must do to the money supply.
(A)If the production function is AK and the savings rate is the constant rate "S", and the rates of depreciation and population growth are d and n respectively, what would the growth rate of the economy be
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