Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
a) The production curve will look like in the upper part of Figure S.3.1.
b) The average product of labor is the total quantity of units produced divided by number of working hours. The marginal product of labor is how many extra units are produced if we add one more unit of labor:
APL = q/L
MPL = Δq/ΔL
MPL corresponds to the slope of the production function in the graph. APL corresponds to the slope from the origin to a certain point on the production curve.
c) The shapes of MPL and APL are given in the lower graph.
The most characteristic points on the production curve are points A, B, and C. Thecorresponding points below are labeled a, b, and c. In point A, the slope of the curve is the same as the slope of a line from the origin to point A. Consequently, MPL and APL have the same value there. In the corresponding point a, they intersect each other. Also note that APL slopes downwards on both sides of point a. In point B, the slope of the production curve is zero. Consequently, MPL intersects the X- axis at point b. In point C the production curve reaches its highest slope. Both to the left and to the rightof C the curve is less steep. Consequently, MPL reaches its maximum at c.
Illustrate the black market for internet access, including the implicit supply schedule, the ceiling price, the black market supply and demand, and the highest feasible black market price.
Through the energy crisis of the 1970s, and again in the last five years, Congress bemoaned the “price gouging” and “windfall” profits of the major oil companies. In the 1970s Congress imposed an “excess profits tax” on these companies. It did not do..
Why should workers care about increases in labor productivity?
If Frank is maximizing profit what is the marginal revenue product of the last worker he hired? What is that worker''s marginal product?
A company uses two variable inputs, labor (L) and materials (M), to produce its output. At the companys current level of output: CL = $10 / unit MPL = 25 CM = $2 / unit MPM = 4 a. Decide whether the firm is operating efficiently, given that its objec..
The dynamic laws of demand and supply tell us that: Excess demand leads to a tendency of prices to fall or decrease.
First define the concept of monetary policy and explain which schedule in the IS-LM model would be directly affected by the use of monetary policy. Next, define the concept of the transmission mechanism (or the cause-effect chain of monetary policy),..
As in part A there is a 50% chance the share market crashes. If John maximises expected utility, what value of ß should he choose?
Suppose the equation for the LM curve is Y=13500+100r. Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate, the interest rate that the Fed controls.
Monetary policy is carried out by the Federal Reserve. Describe how they use the three tools, reserve requirement, open market operations (Fed. Fund rates) and Discount Rates. Be sure to explain the players involved in each tool, the benefits of e..
Build a Balanced Scorecard for unit of the comapny for which you work. Identify the strategic objectives of the entire company and the secondary objectives for the unit.
Some states are required to balance their budgets. Is this measure stabilizing or destabilizing Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on th..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd