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a. The labor supply function is given by N=1000+12w and labor demand is N=2000-8w. Find the equilibrium level of employment and wage.
b. Given existing technology and the capital stock, output is given by the function Y=100N. Does the function exhibit diminishing marginal product of labor?
c. Using the labor market from part (a) and the production function from part (b), determine the equilibrium level of output for this economy.
Approximately how much output should the firm allocate to market 2? What is the approximate price that will be charged in market 1? What is the approximate price that will be charged in market 2?
A laboratory centrifuge costs $80,660 and has a $5530 salvage value with an 8-year recovery period. The estimated annual operating cost is $7000 per year. Use the double declining balance method with switch over to straight line to determinate the bo..
Create an 3-6 page report, that includes an explanation and/or examples of: A circular flow diagram that includes the government sector. For this part of your paper, you should include a description of the roles that each participant plays in
Illustrate is the income elasticity of demand for yo-yos. At what price will total revenue realized from their sale be at a maximum.
Which of the following is necessary in order for a firm to successfully practice price discrimination?
Customers arrive at an automated coffee vending machine at a rate of 4/min, following a Poisson distribution.
Illustrate what does the difference in the relative black-white wage ratios across regions indicate that Southern employers discriminated more than Northern employers.
Does the GDP deflator do a better job than the CPI in measuring the cost of living
The domestic supply-and-demand diagram below represents a product in which the United States does not have a comparative advantage. What impact do foreign imports have on domestic price and quantity?
The market demand curve for a monopolist is given by Q=20-0.5P. What is the average revenue function for a monopolist in the market? What is the marginal revenue function that corresponds to this demand curve?
There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
The Paradise Shoes Company has estimated its weekly TVC function from data collected over the past several months, as TVC = 3450 + 20Q + 0.008Q2 where TVC represents the total variable cost and Q represents pairs of shoes produced per week. Describe ..
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