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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Total TotalWorkers Labor Cost Output Revenue 1 $300 50 $350 2 600 140 675 3 900 220 1120 4 1200 270 1570 5 1500 300 1865 6 1800 315 2070 7 2100 320 2170(a.) What is the marginal product of the second worker? (b.) What is the marginal revenue product of the fourth worker? (c.) What is the marginal cost of the first worker? (d.) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
What are the marginal revenue curves for each group? What are the monopoly prices and quantities for each group?
research the current demand for a good or service of your choice. collect information that will affect the demand for
q1. assume that the market for tomatoes is perfectly competitive. using an appropriate model or models illustrate and
1) If the desired level of investment spending (I) is greater than the level of national savings (S), are net exports (NX) positive, negative, or zero? Explain the connection between I, S, and NX (in words as well as mathematically).
Demand for airline tickets fluctuates throughout the year, which affects the price of an airline ticket. Suggest the type of game that may be most appropriate for a specific airline to play to address the differences in demand and elasticity and t..
between 2009 and 2010 the quantity of cars produced and sold decreased by 20. during the same period the price of cars
1. the northern community of assiniboine narrows has a population of 12000. it has one medical clinic with three
An orange goes through four major steps on its way from grove to grocery store at the Sunkist Citrus Processing Plant in the southern San Joaquin Valley: washing, waxing, grading (inspection), and packaging. The facility's production technology can b..
george dundee operates a lumber mill outside of oklahoma city. dundee has a contract to deliver 15 truckloads of cut
What are the three main questions that all economic system must answer? Who answers them under a communist system? A socialist system? A capital system?
answer based upon your knowledge of economics and class notes on differenes in wages and discrimination make and wage
Explain what he has done wrong on each graph and what assumption of preferences is violated by each particular graph.
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