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a bakery operating in the short run has found that when the level of employment in its baking room was increased from 4 to 10,in increments of one, its corresponding levels of production of bread were 110,115,122,127,130,132, and 133. A) calculate the marginal and average product of labour. B) explain whether this production function exhibits diminishing marginal productivity of labour.
A manufacture has been selling 1700 television sets a week at 420dollars each. A market survey indicates that for each 21 -dollarrebate offered to a buyer, the number of sets sold will increase by210 per week.
CRA CDs Inc. wants the mean lengths of the "cuts" on a CD to be 135 seconds (2 minutes and 15 seconds). This will allow the disk jockeys to have plenty of time for commercials within each 10-minute segment. What is the standard error of the mean
Suppose that aggregate production function in a particular economy is given by Y = (N/60)[5080 - N] where N is the size of the labor force. Establish algebraically whether this production function exhibits increasing, decreasing, or constant returns ..
Consider the market for ice cream as in the previous problem. This has a demand curve given by D(P)=100-P and a supply curve given by S(P)=1+98P. If the government implements a $9 tax, what is the price that consumers will pay
Jane has three years of college, Pam has two, and Mary has one. Jane earns $21 per hour, Pam earns $19, and Mary earns $16. The difference in educational attainment is due completely to different discount rates.
In 2003, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2004, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else eq..
Burlington Northern is considering the elimination of a railroad grade crossing by constructing a dual-track overpass. The railroad subcontracts for maintenance of its crossing gates at $11,500 per year. Beginning 4 years from now.
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms. Her most optimistic estimate (a price not expected to be exceeded more than 10 percent ..
You are attending the yearly shareholder's meeting of PIC firm. A fellow stockholder points out that manager of PIC received $100,000 last year, while the manager of a rival company, CUP Enterprises, earned only $50,000.
With fixed government expenditures of G = 150 and fixed taxes of of T= 200. Assume that that consumers behave as described in the following consumption function: C= 150 + .75(Y-T)
The City of Greenville needs to raise revenue. Alderman Black has proposed a $10 tax on red cars in the city, currently numbering 2,000. Mayor White, who wants more than $20,000 in revenue, proposes taxing these cars at $100 each.
TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base.
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