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Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the firm's MPL is 10 while its MPK is 5.
a. Write the firm's isocost equation. What is the slope of the isocost?
b. Determine if the firm's mix of inputs is optimal. Explain.
c. If your answer to "b" is no, what should the firm do to improve its performance? Explain.
d. Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
You are planning to contribute $5,000 a year to a mutual fund that earns an average of 6 percent per year. If you continue to contribute for the next 10 years, how much would you have in your account?
Why would change leaders need to align the organization's people with the change strategy Would it be easier to just tell workers of the change and demand compliance? Or, would integrating workers' ideas and capacities before a change.
The principal-agent problem arises when the interests of owners and workers diverge. because of diminishing marginal returns. when the interests of owners and workers converge. because of the profit incentive.
Putting the "Fun" Back in "Dysfunctional Families"
Production is accompanied by significant spillover costs. The government produces valuable goods and services at a low cost. The cost of living is lower in the country than is typical in the world.
Show that if oil is produced from two reservoirs, one with high marginal cost and one with low marginal cost, it is not possible for the Hotelling rule to be satisfied for each reservoir simultaneously. Give two reasons that oil might be produced ..
June 26 2008 - A recent opinion through Opinion Research Corporation found that many United States businesses are missing out on vital feedback and ideas from their own workforces.
1.product meansa all the services needed with a physical good.b a physical good with all its related services.c the
Presume the government imposes a tariff on all imports. Use the DD-AA models to analyze the effects this measure would have on the economy. Analyze both temporary and permanent tariffs.
Graph the demand and supply curves. What is the equilibrium price and quantity in this market and if the actual price in this market were above the equilibrium price, what would drive market toward the equilibrium?
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered?
What indicates that we have positive value of perfect information and what is the expected value of perfect information on reserves?
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