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According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi’s marginal rate of technical substitution is 0.16 (in absolute value). To hire workers, suppose that Mitsubishi must pay the competitive hourly wage of ¥1,500. In the study of its production process and markets where capital is procured, suppose that Mitsubishi determines that its marginal productivity of capital is 0.75 small cars per hour at its new targeted level of output and that capital is procured in a highly competitive market. The same study indicates that the average selling price of Mitsubishi’s smallest car is ¥1,100,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output. Instruction: Round your answer for marginal productivity of labor to 4 decimal places. Rental rate of capital: ¥ Marginal productivity of labor: To minimize costs Mitsubishi should hire capital and labor until the marginal rate of technical substitution reaches what proportion? Instruction: Round your answer to 4 decimal places.
At a university faculty meeting in 2012, a proposal was made to increase the housing benefits for new faculty to keep pace with the high cost of housing. What will likely be the long-run effect of this proposal?
There is no uncertainty about the future. The consumer needs to save an amount this year that will allow her.
Under what supply and demand conditions would an excise tax create a large incidence of the tax on suppliers and a small incidence of the tax on consumers? Explain how this works.
You have a choice of borrowing money from a finance company at 24 percent compounded quarterly or borrowing money from a bank at 26 percent compounded annually. Which alternative is the most attractive? If you can borrow funds from a bank at 26% comp..
When the interest on a loan is below market, a lender must offer a discount to induce the investor market (secondary market) to purchase the loan. Assume a house is worth $100,000 if purchased with all cash. The existing 9% assumable loan has monthly..
Assume that the marginal propensity to save increases. If the Fed wants to keep the level of output from fluctuating, should it undertake open market purchases or sales? In your answer discuss how the composition of GDP is affected.
The radio announcer just finished up the daily market report during which they stated that the price of wheat has risen to $4 per bushel. What type of statement did the announcer make?
During recession years,
An investor is considering buying a 20-year corporate bond. The bond has a face value of $1,000 and pays 6% interest per year in two semi annual payments. To receive 8% interest, compounded semi annually, how much should be paid for the bond?
Assume the cat food industry is perfectly competitve and is in long run equilibrium. suppose people start to take more cats than dogs as pets, what is the impact to the cat food industry and the individual firm in the short run and long run specifica..
All modern industrial states in the world have a socialized medical system, except south africa and the united states. Why do you think that is? Should the united states adopt a socialized medical system? Why, or why not? Why is economic growth and d..
Discuss the strategies that a particular company employed to either obtain or sustain a competitive advantage. For example, Microsoft arguably created a competitive advantage by offering a unique suite of products that now reside on many desktops. Th..
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