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The processing of payroll for the 10,000 workers in a large firm can either be done using 1 hour of computer time (denoted by K) and no clerks or with 10 hours of clerical time (denoted by L) and no computer time. Computers and clerks are perfect substitutes; for example, the firm could also process its payroll using 1/2 hour of computer time and 5 hours of clerical time. a. Sketch the isoquant that shows all combinations of clerical time and computer time that allows the firm to process the payroll for 10,000 workers. b. Suppose computer time costs $5 per hour and clerical time costs $7.50 per hour. What are the cost-minimizing choices of L and K? What is the minimized total cost of processing the payroll? c. Suppose the price of clerical time remains at $7.50 per hour. How high would the price of an hour of computer time have to be before the firm would find it worthwhile to use only clerks to process the payroll?
If each economy specialized in its comparative advantage, what range of prices would bacon trade at in terms of eggs.
Suppose there are 30 identical hot pretzel stands operating in New York City. Each stand has usual U-shaped average-total-cost curve. Market demand curve for pretzels slopes downward and market for pretzels is in long-run competitive equilibrium.
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A firm has a fixed cost of $500 in its first year of operation. When the firm produces 100 units of output, its total costs are $4,500. The marginal cost of producing the 101st unit of output is $300. Illustrate the total cost of producing 101 uni..
Illustrate what would be natural rate of unemployment if a baby boom led to a year in which teenagers made up 20% of labour force.
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Discuss the difference between them and explain the managerial actions that can influence the firm profitability.
Should policymakers use monetary and fiscal policy to minimize fluctuations in aggregate levels of economic activity. Evaluate pros and cons of active.
The rate that does aggregate output, aggregate investment, aggregate consumption as well as per- capita income grow in this steady state.
Challenge of any merger that raises the HHI by 100+ points in a market where the HHI is above 1800 before the merger.
A county is considering using a piece of park land for one of two alternative recreation projects.
Which resource of production is the only one which nations can significantly increase in the short term.
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