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Dirt Diggers (DD) is a firm that excavates roadside ditches to lay drainpipe. Its output follows the production function: Q = 10L − 0.1L 2 , where L denotes labor hours and Q the length of the ditch in meters. The marginal product of labor is MPL = 10 − 0.2L The firm hires labor at a wage of $12 per hour. A) Should DD accept an offer to excavate 250 meters for a price of $500? Explain. B) Suppose DD from question 1 is offered as much or as little excavation work as it desires at a price of $2.00 per meter. Should it accept this offer and what will it produce if it does?
The Phillips curve supposes that there is a trade off between inflation and unemployment. Is this correct? Why or why not?
Distinguish between the following views of monetary policy
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
Assuming transaction costs are small, the Coase theorem would predict that private parties could arrive at an efficient solution for which of the following problems?
Consider a health insurance contract offered to a population of risk averse people. People in the population have different risks for illness and this is known to each person but is unknown to others. Would the market for this health insurance produc..
Explain why net exports and net capital outflow are always equal. Explain why higher real interest rates lead to lower net capital outflow.
q1. wanda owns a fish shop. she employs students to sort and pack the fish. students can pack the following amounts of
Explain how each of the subsequent events affects the equilibrium price also quantity of pizza- the price of mozzarella cheese rises.
Demand-pull inflation occurs when:
What is the evidence of wrongdoing here How does business use politics here Is this government failure Is this market failure Who benefits and how Who loses What is the role of the media
Scottish political economist Adam Smith didn't trust situations where the people who provide the money for a business don't actually manage the company. In The Wealth of Nations, he observed that such managers don't watch over the investment
If one compares the contemporary U.S. economy with those of Germany and France, it is reasonable to conclude that
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