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1. Assume all employees are paid the same wage. A decreasing marginal product of labor, while still a positive number, tells us that marginal cost must be increasing. Indicate whether you believe the last statement is True or False, and then briefly explain your answer.
2. A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total costs. If it produces one additional watch, will its average total costs rise, fall, or stay the same? Support your answer.
For each of the following, state whether it is considered money in the United States. Explain why or why not.
In the economy of UNAM in 1968 exports were $45, GDP was $570, Government Spending was $85, Investment was $29 and Imports were $2. What was UNAM's consumption in 1968?
Idle Time Gaming, Inc. relied on an extensive __________ system where its employees could share information between departments; and, departments such as human resources could share payroll information with respective employees. Persons outside the f..
Discuss the effect the credit market crisis in the United States in 2008 had in the market for existing single-family homes. Assuming the demand for existing single-family homes is relatively inelastic, what is likely to happen to the total revenues ..
The marginal cost of a monopolist is given by MC (q ) = 2 + 2q while market demand is. What is the competitive market equilibrium? Find social cost of monopoly. What is the prot-maximizing level of output and price?
How much will total output increase in terms of percent? What happens to the rental price of capital? What happens to the real wage?
The compressor is a key component in manufacturing both refrigerators and air-conditioners.
A industry is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do.
Explain whether transfer payments, such as Social Security and unemployment compensation, are counted as government spending in calculating GDP.
Point out which costs (sunk cost, incremental cost, fixed cost, variable cost, marginal cost, opportunity cost, out of pocket cost) are considered "relevant" and which are considered "irrelevant" to a business decision. Explain why.
A plastics company is considering two injection molding processes. Process X will have a first cost of $600,000, annual costs of $200,000, and a salvage value of $100,000 after 5 years. Process Y will have a first cost of $800,000, annual costs of $1..
Explain why the general level of incomes is high in the united states also other industrially advanced.
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