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Define the concept of marginal revenue product (MRP), or value of the marginal product as defined on p. 377 of the textbook; then relate that to the marginal cost of the labor input factor. Explain why a competitive, profit-maximizing firm hires workers up to the point at which MRP and the marginal cost (i.e., wage rate) are equal.
Assume that an economy is characterized by the following equations: C = 100 + (2/3)(Y – T) T = 600 G = 500 I = 800 – (50/3)r Ms/P = Md/P = 0.5Y – 50r. Write the numerical aggregate demand curve for this economy, expressing Y as a function of G, T, an..
What best describes the response to monetary policy in 2008-2009? Does this make sense in a classical world? What classical assumptions have to be thrown out to get this model to explain the response of the economy to the increase in the money supply..
Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia and Describe the structural change that is taking place in the Australian gas market.
A 10 year $20,000 savings bond with a coupon rate of 8% payable quarterly has what present worth if the purchaser anticipates a 10% quarterly rate of return?
Research a company that has been in the news for a significant business decision within the last 18 months. Summarize the decision that was made, and state your opinion on whether it was a good or bad move for the company. Post a link to the article ..
Tom was a tall man who operated a successful restaurant that he owned. He believed that tall people commanded more respect in a restaurant. Accordingly, he never hired a waiter or waitress who was less than six feet tall. After a few inquiries, she l..
Suppose that net returns are $700 per acre and expected rates of return are 15%, then the estimated land value per acre is:
Discuss why the “Friedman effect” regarding the effect of changes in Fed policy on interest rates in the short-run versus the long-run, should apply only to interest rates on short-term securities. How should an increase in the growth rate of the mon..
In the first chapter, we are introduced to Ten Principles of Economics. Which of these principles do you observe in your everyday life? -Which of these principles have you never really thought about before? -Which of the principles are you most curio..
q1. the third largest city of a country has a population of 12.5 million. using the ranksize rule what is the
Explain how globalization in pharmaceuticals occurred with respect to both distribution of medicines in new markets as well as shifting of research and development as well as the manufacturing to lower cost markets.
What are International Considerations for Nordstrom?
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