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In the Deep Creek Mining Company example described in this chapter (Table 7.1), suppose again that labor is the variable input and capital is the fixed input. Specifically, assume that the firm owns a piece of equipment having a 500-bhp rating. a. Complete the following table:
b. Plot the
(i) total product,
(ii) marginal product, and
(iii) average product functions.
c. Determine the boundaries of the three stages of production.
The object of this exercise is to play as much as possible with comparisons. I don't care how far you have to stretch the comparison; as long as there is any kind of connection, it's great. Just let yourself play.
During 2009, incomes fell sharply for many Americans. This change would likely lead to a decrease in the prices of both normal and inferior goods.
An alternative for manufacturing a certain part has a first cost of $50,000, an annual cost of $10,000, and a salvage value of $5,000 after its 10 year life. At an interest rate of 10% per year, what is the capitalized cost of the alternative
Return again to the cartel in Problems 4 and 5. Now suppose that the market game repeated indefinitely. What is the discount factor (sigma) is necessary now in order to maintain the collusive agreement in an indenitely repeated setting
If Eubank is holding no excess reserves, what must the required reserve ratio be Refer to Exhibit 0046. Assume the required reserve ratio. If Stu Dent deposits $10,000 in cash into his checkable deposit account, how much will Eubank now have in ca..
In an attempt to increase revenue and profits a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is -15 and the advertising elasticity of demand is -+0.6 would you expec..
Prepare a graph of sales and net income for the years 2013 - 2016. For the purposes of this exercise, assume the following historical sales and net income figures for Joe's Fly-By-Night Oil.
How many units of labour would be employed?
An income-producing property has an annual gross rent income of $1,000,000 and annual expenses of $300,000. Every 5 years, the parking lot need to be re-surfaced at $60,000 and every 10 years, the rood will have to be maintained at $40,000.
Explain the difference between purely private and public goods and how it applies to environmental problems faced by developing countries. What are the implications of the free-rider problem for allocation of a public good?
Describe and calculate Project A's expected net present value (ENPV) and standard deviation (SD), assuming the discount rate (or risk-free interest rate) to be 8%. What is the decision rule in terms of ENPV?
How would you use data from foreign exchange market to decide between these two hypotheses?
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