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Q1. Why does a profit-maximizing firm hire workers up to the point where the wage equals the value of marginal product? Show that this condition is identical to the one that requires a profit-maximizing firm to produce the level of output where the price of the output equals the marginal cost of production.
Q2. A physician's office expenses increase 10 percent so she decides to raise the price of office visits by that much. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice revenues?
Suppose that these cost figures accurately refl ect the economic costs of providing inpatient services at these two hospitals and that the two hospitals face the same average total cost curve.
The Australian government administers two programs that affect the market for cigarettes
Why all the balance of payments accounts be in surplus. What factors determine the demand for British pounds in foreign exchange markets.
On one hand, the WTO's role in international trade is becoming more significant. On the other hand, its verdict on the Brazil's Embraer versus Canada's Bombardier case did not seem to solve the problem.
Now suppose your utility functioin is U= (square root)Wealth. What is the maximum you will pay for the bike check-in now.
Consumers buy from the lowest price firm, and the highest price firm sells nothing. If the firms pick the same price, they split the market demand equally.
A local community voting to raise property taxes to increase school expenditures
Compare the effects of the two policies, based on the models developed. Why might the United States have preferred one policy over another.
This would be ideal because he would have the same number of pretzels as he would soda leaving no money left to spend.
Total hours worked, and average labor productivity all are procyclical. Which variable, output or total hours worked, increases by a larger percentage in expansions falls by a larger percentage in recessions.
Economic surplus could be increased at a higher price because firms would generate more revenue.
Suppose we randomly poll 500 Americans and ask them whether they believe that the parents are involved. What is the distribution of the sample mean.
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