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Ms. Smith, the owner and manager of the Clear Duplicating Service located near a major university, is contemplating keeping her shop open after 4 p.m. and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following total output (where each unit of output refers to 100 pages duplicated). If the price of each unit of output is $10 and each worker hired must be paid $40 per day, how many workers should Ms. Smith hire? (Ms. Smith should hire workers as long as their marginal revenue product (MRP) exceeds their marginal resource cost (MRC), and until MRP=MRC. MRP=MRxMP=PxMP=$10xMP use the information in the problem to calculate MP) MRC=wages=$40.
Intelligent fiscal policy and appropriate monetary policy permit for a stabilizing influence on US economy. The government is able to make action through expansionary or contractionary fiscal policy to manage recession and inflation when necessary.
What happens to equilibrium output and the equilibrium interest rate in the short-run, and equilibrium output and theequilibrium price level in the long-run.
Give the percentage change in the rental on capital and percentage change in wage and compare the magnitude of the percentage in the rental on capital with percentage change in wage in part (b). Use notational format.
Using aggregate demand, short run aggregate supply, and long run aggregate supply curves, describe the process through which each government policies will move economy from one long run macroeconomic equilibruium to another.
Describe why the results of computing cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.
Describe each of the subsequent using supply and demand diagrams.
What are the consequences for farm output as a result of this guaranteed price and what does the term "equilibrium" mean in the context of a market economy?
Suppose that perfectly competitive firm faces the market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units.
What is the opportunity cost of working at the internship and it is unreasonable that companies must pay an average of $15,000 per year to provide health insurance for an employee and their family.
Determine which of the following is most likely to indicate statistically significant regression coefficient? Assume the price elasticity of the supply of cheese is 0.80. If the price of cheese rises by .20 percent,
Assume you are a stock market analyst specializing in the stocks of theme parks, and you are analyzing Disneyland's stocks. The Wall Street Journal reports that tourism has slowed down in the US.
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
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