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how do i compute the short run total product, average product of labor and marginal product of labor given the production function:Q=2K*(10L-L^2)if Q = number of tasksK= number of machinesL= number of workers
A store providing copy and prrin services has 5 copy machines and due to limited space will not be able to add any additional machines during the next 6 months. The store needs to hire employees in order to operate the machines. (All working fixed amounts per week)
Compute the short run total product, average product of labor and marginal product of labor for all numbers of L between 0 and 7.
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
Discuss why the government would implement a program to lower the price of a good and the welfare effects of such a program. Give an example of good for which such a policy has been implemented and explain the purpose of the policy.
1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why? 2. Describe and explain why a socialist system might be the best in responding to the needs of people st..
Does your answer to Question 16a Change if buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers?
If the ce If the of Pepsi-Cola increases from 40 cents to 50 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then, (according to the arc price elasticity formula,the same formula used in class).
Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. Why does the productivity standard typically fail to yield an equal distribution of income
Furniture manufacturing involves a huge number of options to satisfy consumer preferences, but this extensive set of choices slows production and raises costs.
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
The price elasticity of demand for health care has been estimated to be ?0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic.
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter estimates are statistically significant at the 1 percent level.)
A growing number of businesses' including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains are feeling the heat from government, the press, and society at large for encouraging harmful
The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a downward sloping demand curve have some market power. 1.How does a firm..
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