Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard:
Q = 100L - L2(sqaured)
MPL = 100 - 2L
where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor.
a) What is each orchard's labor demand as a ?function of the daily wage W? What is the ?market's labor demand?
b) Ectenia has 200 workers who supply their ?labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make?
c) Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4.
d) Now suppose the price of apples is back at $2, but a hurricane destroys half the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
The U.S. is in recession and, at last report, GDP was shrinking at a rate of 1% per year. The unemployment rate is rising and now stands at 7%. In recent months, the rate of inflation has been holding steady and is increasing at an annual rate ..
suppose the recipient of a kidney transplant has stated that she would prefer 5 years of perfect health to the 10 years
Determine the mariginal product. Determine the average product function. Find the value of L that maximizes QFind the value of L at which the marginal product function takes on its maximum value.
ention each account affected and the appropriate amount. Also, assuming your bank lends out money to the extent allowed by law, how much will the money supply grow beyond the initial $100,000 deposit?
evolving issues in health care please respond to the followingpropose several current and future economic issues
Given the asymmetric information situation a prospective employer faces in hiring from this labor pool, what is the average salary that they would pay without a signal?
you are have been asked by your senior management to prepare a report identifying the distribution channels available
milwaukee surgical supplies inc. sells on terms of 310 net 30. gross sales for the year are 1200000 and the collections
Describe how price regulation may improve the performance of monopolies. In your answer distinguish between socially optimal pricing and fair return pricing.
how does a government budget surplus affect the u.s. economy? identify two periods in recent history in which the
What is firm's cost of capital at the various combinations of debt and equity? What is the firm's optimal capital structure? Construct a balance sheet showing that combination of debt and equity financing.
Pick a good or service you are familiar with. Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should make in its pricing strategy.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd