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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?
Explain why a perfectly competitive firm may continue to operate in the short-run even with a loss of profits.
Discuss the concepts of marginal product and marginal cost. Also discuss the importance of trends in these and other economic measures and how time-series analysis (trend analysis) can be used or misused to make important management decisions
Large-demonic country time deposits $ 304 billion Currency also coin held by nonbanking public 438 billion Checkable deposits 509 billion Small-demonic country time deposits
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Illustrate what problems would occur if the managers of each division were given incentives to maximize each division's profit separately.
How has the recent increase in the price of a barrel of oil affected the prices of bicycles, cars and airplane fares?
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What are some more common restrictions on the activities of multinational corporations in host countries? Your 200 word answer should focus on selecting and organizing your most relevant comments in a coherent fashion
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