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The owner of a car wash is trying to decide on the number of people to employ based on the following short-run production function: Q = 6 L – 0.5 L2 where Q is the number of car washes per hour, and L is the number of workers. a. Write equations for APL and MPL and graph them on the same set of axes. b. Suppose the market price of a car wash is $5. How many people should the owner hire if he pays each worker $6/hour? c. Suppose he considers hiring students on a part-time basis for $4/hour. Should he hire more workers at this lower rate? Explain.
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run.
Illustrate what about burning all but one of his ships made to a utilize, powerful strategic commitment for Cortes in Mexico.
which in this case is lagged second difference. Note that it remains below zero after stock market crash of 1987. You can also do same thing for or variables. Are they fairly consistently away from zero. If so, can you design a rule to make money.
Illustrate what would happen in the market, please Specify whether the policy would cost the Chinese government anything also if so, and explain how much.
helping him to dig bait for fishing, and he also purchased five of John's mature banana trees for 30 clamshells each. What is the GDP of George and John's island in terms of clamshells
Describe the characteristics of optimal contracts in principal-agent problems when the agent (manager) is risk neutral.
The consumer is indifferent between B and a lottery ticket with probabilities. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.
The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise.
Illustrate what factors may influence a household when deciding between buying stocks, bonds, or a house.
Illustrate what are the fours upply factors of economic grwoth. what is the demand factor? What is the efficiency factor.
Describe the roles of government bodies which conclude the national fiscal policy
Purchase the machine it is currently renting for $150,000. This machine will require $20,000 every year in ongoing maintenance expense.
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