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The total product schedule for Primitive Products is given in the table below.
(a) Draw the total product function for this firm to scale, or by using a spreadsheet.
(b) Calculate the AP and draw the resulting relationship on a separate graph.
(c) Calculate the MP and draw the schedule on the same graph as the AP.
(d) By inspecting the AP and MP curves, can you tell if you have drawn them correctly? Why?
The number of hours spent studying by students on a large campus in the week before final exams follows a normal distribution with a standard deviation of 8.4 hours.A random sample of these students is taken
b) What is the rate of inflation between 2007 and 2008 if the money supply in 2008 is 1,100 instead of 1,050 c) What is the rate of inflation between 2007 and 2008 if the money supply in 2008 is 1,100 and output is 2008 is 12,600
Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year
How does this affect the HR manager's hiring decisions?
What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $154.What is the cross-price elasticity of demand between good X ..
A purely competitive wheat farmer can sell any wheat he grows for $30 per bushel. His five acres of land show diminishing returns, because some are better of wheat, the second acre 900, the third 800, the fourth 700, the fifth 600
If you have to make a random guess and there are five possible answers, what is the expected value of guessing?
Collectibles Corp. has a beta of 2.5 and a standard deviation of returns of 20%. The return on the market portfolio is 15% and the risk free rate is 4%. According to CAPM, what is the required rate of return on Collectible's stock
What are the conditions that a variable must satisfy to qualify as an instrumental variable?
the following regression model has been proposed to predict sales at a computer store. y = 50 - 3x1 + 20x2 + 10x3 where x1 = competitor's previous day's sales (in $1000s), x2 = population within 1 mile (in 1,000s) x3 1.) if radio advertising was u..
After few years, cost of production of Panadol increased due to increase in price of paracetamol (one of the main ingredient used in the production of Panadol). Due to this increase people started using Disprine instead of Panadol.
Suppose that the country of Bigu has a population of 127 million, of which 83 million are in the working-age population. Of those, 25 million are not in the labor force and 52 million are employed. a Calculate the working-age population as a percen..
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