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Use the following data to answer the questions below. Assume a perfectly competitive product market.
Units of Labor Units of Output
0 0
1 8
2 12
3 17
4 21
5 23
a. Calculate the marginal revenue product at each level of labor input if output sells for $4 per unit.
b. If the wage rate is $15 per hour, how much labor will be hired?
c. What is the firm’s total revenue and total amount paid for labor at the level of labor input you determined in (b)?
Can you articulate how macroeconomics and microeconomics come into play in the context of firm decision-making in a global business. Please provide an example.
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Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
Determine the marginal cost for bottle of wine and what will be the reduction in number of crashes at that intersection achieved by the mayor?
name a good or service that you have purchased in recent months from a monopolist. How did the monopoly come to exist Do you think you would have benefitted from increased competition in the market for this good or service
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
1. Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these ..
In many industries, such as supermarkets, banks, cell phonecompanies, etc., because of mergers our choices as consumers are reduced to two or three competitors. Do you think thisis good for the economy
car breaks down and you are deciding to have it repaired. The most relevant issue in this economic decision is:A. How much you spent on past repairs on the car B. How much you paid for the car when you bought it
A firm that sells e-books – books in digital form downloadable from the Internet – sells all e-books relating to do-it-yourself topics home plumbing, gardening, and so on at the same price.
Consider the advantages and disadvantages of the European Union adopting a common currency and determine if this move was a good idea or not
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