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Tom and Dick, who own the Tom, Dick, and Hairy Barbershop, need to decide how many barbers to hire.The production function for their barbershop looks like this:
Calculate the marginal product of hiring additional barbers, and fill in the last column of the table. Over what range is the marginal product of labor increasing? constant? diminishing? Graph the production function. By looking at the graph, you should be able to tell at what point the average productivity of labor is highest. Calculate average productivity at each point to illustrate your answer.
What are the best and worst possible scenarios you could envision when every individual in the military uses their own critical thinking skills to arrive at a decision?
Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some of the opportunity costs associatedwith each decision, paying particular attention to the tradeoffs between present and future consumption.
what is the SA government's standpoint on trade and protectionism?what trade policies are in place to manage our trade with the rest of the world
Do you think China's experience in raising its standard of living (output per person) provides a model for developing countries to follow?
The banking market in Athens, Ohio, currently has four banks with market shares of 60%, 20%, 15%, and 5%. The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve and the Justice Department.
where L1 is the number of workers employed in Sector 1 and L2 is the number of workers employed in Sector 2. The total number of workers in the economy is 1,000. The only difference between the sectors is that in Sector 1 workers are paid their ma..
1. the discrete random variable x has probability distribution given bya. find the value of a. b.
Select two of what you believe to be the most credible tools used in tax research and planning. Assess each in terms of its strengths and weaknesses. Utilize other sources to support your comments.
Can you guess what the form of the LMC curve is?
You-Will-Never-Pay-It-Off Loan Company lends you $150 on Monday, and you have to pay $250 after 15 days. If you kept the money for a year on the same terms, how much will you owe at the end of the year. Assume the company compounds money on a 15-day ..
Compare and Contrast Frankenstein and Abraham Lincoln Vampire Hunter. How do each of them treat the themes of life and death?
A consumer purchases two goods, food (F) and clothing (C). Her utility function is U(F,C) = FC + C; thus, MUf = C and MUc = F + 1. The price of food is Pf , the price of clothing is Pc , and the income of the consumer is I.
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