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Jeffrey Swift has been a messenger used by a couple of the local businesses where the Discrimina, Inc. machine shop is located. Sometimes he has done some extra errands inside the Discrimina building for a couple of hours. For the last several weeks, he has helped package items for shipment on Thursdays. Things have gone well, but Jeffrey is concerned because sometimes he has waited over two hours in the waiting room while waiting for the packaging to begin. He wouldn't mind but Discrimina pays only for packaging time, not for waiting time. He can never be certain when the parts will be ready for packaging because final quality checking time varies wildly.
Jeffrey has his own delivery business, but Discrimina has only paid him cash. Each time, Jeffrey has given the company a receipt for the cash. While he waits, he sometimes goes out for donuts for the crew. At other times, he plays games on his PDA or makes cell calls to friends.
If Jeffrey Swift sues for the waiting time hours, what is the likely result and why?
Assume that the two firms behave as Cournot Duopolists. Explaining the concept of best response or Creaction function, determine the best response function for each firm. Calculate the profit maximizing output of each firm and the market price.
The firm faces a constant marginal revenue curve given by:MR = 200 and how should the firm allocate production?-How much should Factory #1 produce and how much should factory #2 produce?
Explain how market structure affects market performance and conduct. Identify three types of government regulation that help to improve market performance and conduct
Defenders of Communist economic systems may point out that customers pay lower values for certain goods because government imposes a limit on what manufacturer may charge.
Draw two diagrams, side by side with the money market diagram for Denmark on the left and the expected return in krone / exchange rate diagram on the right hand side.
Explain how data systems are changing several aspects of the accounting profession. Include a description of a variety of new technologies and their effects on accounting processes.
What are the advantages and disadvantages of the oligopolistic structure? How would an increase in a monopolist's fixed costs affect its profit-maximizing choice of price and quantity?
What price and quantity will monopolist produce at if the marginal cost is constant $4.00? Compute the deadweight loss from having the monopolist produce, rather than the perfect competitor.
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
State the commodity in which each country has absolute advantage and identify the commodity of comparative advantage for each country
Show the change in Q if L changes from 1 to 2, and 2 to 3, and does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
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