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A restaurant owner has the following short-run production function:
Q=30L + 2L² where Q=number of meals served per day, and L=number of workers.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph.
b. Show the range of labour where stages I, II and III of production occur.
c. If workers can be hired for $40 per day and the average meal is $6, how many workers should be hired?
Illustrate what are the arguments for using real per capita GNI to compare living standards between countries. What weakness does this measure have.
Write a 1- to 2-page paper identifying the various parts of your chosen country’s Political Economy. Explain how this system developed over time and any changes you may foresee for the near future. Cite resources as appropriate to support your commen..
Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on page 190 of your text. What is the Break-Even level of Income? What i..
Bertie’s Boards has 2 factories in Malibu and Denver that were originally dedicated solely to skateboard production. As it turns out though, each of the factories could be used to produce both skateboards and surfboards. Draw the overall production p..
Discuss the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level
Elucidate how changes in government spending also taxes positively do or negatively affect the economy's production also employment.
q1. which one cash flow or net income do you think is more important to apple inc final project company and more
The following events occur in the market for good B, which is a normal good: Identify the impact of the event to the equilibrium price and quantity of each event.
The legislature has stated that the $.03 tax will increase goverment revenue by $300,000 per month and raise the price of gasoline by $.03 per gallon. is this correct.
A Material Requirements Planning (MRP) is most valuable in industries where a number of products are made in batches using the same productive equipment and with companies involving
Discuss the necessary conditions to make price discrimination work and the best practices to use price discrimination to maximize profits while avoiding price wars.
A decrease in demand for coffee can be cause by:
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