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The hiring rule for the perfect competitor in the labor market is to choose that amount of labor for which the wage rate is exactly equal to
A: marginal revenue from the sale of one more unit of output.
B: the cost of capital.
C: the value of the marginal product of labor, VMPL.
D: MC.
Suppose that the economy improves and the crime rate in West Philadelphia drops, so that the marginal product and average product of a group of 100 police officers is now 55 arrests per hour for any number of police officers. What is the optimal allo..
Illustrate what does a contraction Gap imply about the actual rate of unemployment relative to the natural rate
If elasticities for a bottle of water are -0.8 and -1.2 in two different locations and marginal cost is the same, which location is likely to charge higher price for the bottle of water?
She tells her friend that the additional utility she would get from the second pair of sneakers is the same as the additional utility she would get from the fifth sweater.
It is expected that the price of a bushel of wheat will increase in one month.
Discuss the Commerce Clause of the U.S. Constitution and its regulation of business both at the Federal and State level.
A monopoly firm faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces no fixed cost. How much will the firm produce? Can yo..
The price of a first class stamp is .42 cents in 2009. The price of the same first class stamp in 1975 was .13 cents. The price index in 1975 was 75 and price index in 2009 will be 218. After adjusting for inflation, how much more expensive is the st..
Give an example of the Law of Demand, the Law of Supply. In the rental market [choose one class to where you live or where you work] tell us 'the equilibrium rental for a 2 bathroom, 2 bedroom apartment in a safe neighborhood close to great transport..
Which of the following events may increase labor supply? Check all that apply.
Explore one of the sophisticated alternative pricing techniques (i.e. price discrimination, price bundling, etc.) and provide an example of how it is used. What are some constraints that may limit the ability of firms to use these techniques?
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
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