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Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, K, and backhoe operators, E, on the axes) for the production of three different quantities of ditches. Do they have a funny shape?
a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense? (Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
What types of economic evaluations should Shadyville use to rationalize the decision between the implementation of Contingency Plan 1 and Contingency Plan 2? Why?
If mary decided to go on the road trip, what is her opportunity cost?
Sales and profits for a new product are uncertain. The predicted sales may be as high as 10,000 units per year with a probability of 10%. The most likely value is 7,000 units per year. The pessimistic value is estimated to 5,000 units per year with a..
A 10-year zero coupon $100 face value bond has yield of 6%. Through series of unfortunate circumstance, expected inflation rises from 2% to 3%. Assuming the nominal yield rises by an amount equal to the rise in expected inflation, compute the change ..
The government wants to eliminate the inflationary gap by changing expenditures. What policy do you suggest? By how much will unemployment change after you policy has taken effect?
Discuss one recent price change that you have noticed while visiting your local supermarket. Determine whether or not the price change that you identified was a result of a change in either supply or demand.
explain why a rise in the price of gasoline is likely to have more of an effect on consumers than a rise in the price of strawberry milk shakes.
Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run?
q. if one draws mc curves pre and post innovation as well as the marginal revenue line for a monopoly and the mr in a
A Chinese retailer offers to purchase running shoes for $55 per pair and tennis shoes for $55 per pair for distribution in China. Should the shoe company sell any shoes to the Chinese retailer?
Evaluate in relation to the key export readiness requirements and identify any characteristics that may be important to the company's potential export success.
Population growth in developing nations has proceeded at unprecedented rates ower the past few decades.
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