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Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape? a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense? (Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it El..
Explain why is the index of industrial production an appropriate coincident indicator. Why is the average prime rate charged by banks an appropriate lagging indicator.
Arlisle Company has been cited and must invest in equipment to reduce stack emissions or face EPA fines of $19,500 per year. An emission reduction filter will cost $60,000 and will have an expected life of 5 years. Carlisle’s MARR is 9%/year. What is..
illustrate what is which industry's marginal revenue as it increases o/p from 1300 units to 2200 units.
What is the relationship between the marginal rate of substitution between leisure as well as labor as well as the marginal product of labor in the RC model.
The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.
Competition in the market is such that each of the firms independently produces a quantity of output.
q.demonstrate the demand and supply program for calculators in norway and sweden. on graph paper sketch the demand and
What are price indexes designed to measure. Outline how they are construed. When GDP and other and other income figures are compared across time periods.
q1. assume you are the chief economic advisor to the president of the united states and the president has asked you to
What are the MPC and APC all about? Compare and contrast these concepts? is it better to have a high propensity to consume or lower? Which people fit the high versus the low category?
Elucidate this linkage in words also after that illustrate with a Cumulative Demand - Cumulative Supply diagram.
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