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Suppose that a company currently employs 2,000 workers and produces 5 million units of output per month. Labor is its only variable?input, and the company pays each worker the same monthly wage. The?company’s current total variable costs equal ?$5 million.
What are average variable costs at this?firm’s current output? level?
What is the average product of? labor?
What monthly wage does the firm pay each?worker?
Suppose, unfortunately, your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only 12 hours studying for both exams. Construct a table for the production possibilities and corresponding nu..
Most industrial farms hire migrant workers, so the market for such workers is reasonably taken to be perfectly competitive. Suppose that all farms individually have a short-run elasticity of labor demand of –0.5. Explain why the reduction in employme..
At the equilibrium market price, each firm produces 20 units. What is the equilibrium market price, and how many firms are in this industry?
With the aid of a diagram explain the difference between monopoly price, average cost pricing, and marginal cost pricing of a natural monopoly. Which is the most efficient and why
Suppose an increase in the minimum wage has raised your franchise’s labor costs. How do you respond to the higher labor costs? How will the higher labor costs affect your short-run cost curve, long-run average product curve, and average cost curve?
Assume you and your roommate have started a bagel deliver service on campus. List out some of your fixed costs and discuss why they are fixed.
If a policy is Pareto optimal:
Explain how much business CPI does abroad, the firm would expose 5 to 20 percent of revenue to currency fluctuations.
Cost of production- in any industry in Australia where costs of production are an important issue and analyse what is being done in the industry. May be the industry is switching to technology or/and some substitutes have been used to overcome thi..
1. a woman and her son are debating about the average length of a preachers sermons on sunday morning. despite the
Elucidate what other evidence could a manager look for to infer whether a market is in equilibrium. What are possible causes of the shortage.
What would be a numerical example that would illustrate a situation in which there are positive accounting profits and zero economic profits?
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