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Write a 75-100 word response to each of the bulleted questions below. Each question must have its own response and meet the minimum word count.
Classify each of the following as fixed or variable costs:
Outsourced payroll services.
Leased offices.
Company-owned building.
Payroll taxes.
Explain how each of the following will affect the average fixed cost, average variable cost, average total cost, and marginal cost curves faced by a steel manufacturer:
New union agreement increases hourly pay.
Local government imposes an annual lump-sum tax per plant.
Federal government imposes a "stack tax" on emission of air pollutants by steel mills.
New steel-making technology increases productivity of every worker.
A dressmaker can sew 800 garments with 160 bolts of fabric and 3,000 hours of labor. Another dressmaker can sew 800 garments with 200 bolts of fabric and 2,000 hours of identical labor. Fabric costs $100 a bolt and labor costs $10 an hour.
Is it possible for both methods to be technically efficient? Why or why not?
Is it possible for both methods to be economically efficient? Why or why not?
A farmer is producing where MC = MR. Say that half of the cost of producing wheat is the rental cost of land (a fixed cost) and half is the cost of labor ansd machines (a variable cost). If the average total cost of producing wheat is $8 and the price of wheat is $6, what would you advise the farmer to do? ("Grow something else" is not allowed.)
What is the difference between complementary and substitutes products? Why is this an important distinction?
Distinguish the various cost curves and describe the relationships among them.
Explain the role of the firm in economic analysis.
Describe the production process in the short run.
Distinguish technical efficiency from economic efficiency.
Explain the adjustment process from short-run equilibrium to long-run equilibrium.
Presume that a scatter diagram with math grades on the y-axis and science grades on the x-axis shows a strongly positive relationship. From this graph we can state that
Locate examples of when an organization demonstrated the validity of a hiring test (or attempted to demonstrate ones validity). Describe what was done, the type of validity claimed, and what was found.
Suppose that the domestic demand and supply for t-shirts in a small open economy are given by: Q=50-P(demand) and Q=25-2P (Supply) [where q is quantity and P is price]
First ignore the implicit constraints: 8 i; xi 0 and give the FOCs. Then take them into account and give the Kuhn-Tucker Conditions. Simplify your expressions as far as you can.
qd 15 - 10 p 1.5 adv 0.4 px 2 i5.23 2.29 0.525 1.75 1.5r2 0.65n 120f 35.25standard error of y estimate 0.565qd
You know from data gathered on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget..
Draw her budget line. Algebraically find out her optimal consumption bundle. What is her level of utility at the optimal consumption bundle? Indicate the optimal point on the budget line and draw a hypothetical indifference curve that is tangent to t..
A monopolist faces a demand curve given by: P = 40 -Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $2. There are no fixed costs of production.
describe the market structure of perfect competition in terms of number of producers, control over price by firms in this market, type of product in terms of differentiation, barriers to entry into this market, and whether economic profit can be..
A negative mean change in the LHS variable in the absence of a change in the RHS variable since you subtract the earlier period from the later period b. that the panel estimation approach is flawed since differencing the data eliminates the consta..
In an effort to move the economy out of a recession, the federal government would engage in expansionary economic policies. Describe the actions the government would take in conducting expansionary fiscal policy and expansionary monetary policy.
elements of a contract. the paper must be four to five pages excluding the title page and references pages and
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