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1. Holding other factors constant, if 3D-printing technology allows factory workers to manufacture more products per hour, then the real wages of factory workers will ______ and employment of factory workers will _____.
A) increase; increase
B) increase; decrease
C) decrease; not change
D) decrease; increase
2. An increase in the demand for chicken is predicted to ______ the real wage and ______ employment of unskilled workers in a poultry processing plant.
A)increase; increase
C)increase; not change
D)decrease; decrease
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
Define the dead weight loss of a unit excise tax on a particular good. Explain what it measures. Draw a graph of possible supply and demand curves for a particular good for which the deadweight loss (DWL) from a unit excise tax is about half as big a..
Which of the subsiquent arguments is the president using to justify the trade restriction on ball bearings
Look at the table Production Possibilities for Machinery and Petroleum. The table shows the number of units of machinery each country would have to forgo in order to produce additional petroleum, assuming constant costs at its current levels of produ..
Assume that in an election voters are distributed on different positions from 1 to 10 (extremely leftist to extremely rightist) and that instead of having voters distributed uniformly across 10 regions, suppose that position 1 has a different number ..
Elmer Fudd likes to hunt “wabbits” but also likes to hunt duck. His utility function can be expressed as U(W,D)= 1/(-(2W^2+D^2 )^2 ). Write the tangency condition, what can you tell me about Elmer’s preferences? Suppose that the price of hunting Duck..
How disparate are returns if you win. As disparity increases => marginal benefit increases. Which of these two explanations is correct.
Over the last decade, several firms have entered this industry and, as a consequence, Forey is earning a return on investment that roughly equals the interest rate. Furthermore, the four-firm concentration ratio and the Herfindahl-Hirschman index ..
Economic and Ethical Issues of Pricing Assignment Description
q. now that you have learned some of the basic principles of organization pause and think of where you have already
The marginal revenue product of labor for an electronics firm is MRPL = 50 - L, where L = the number of workers. If the wage of electronics workers is $20 per worker, then how many workers will the firm hire?
Define the terms ‘e-business’, ‘electronic commerce’ and ‘mobile electronic commerce’, and describe how they differ from one another?
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