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Assuming the selling price of output is $2, fill in the values in the table below.
Labor Total Product Marginal Product Total Revenue Value of Marginal Product0 01 172 313 434 535 606 65
1. How many workers would the firm hire if the going wage rate were $27.95? How many would it hire if the wage rate were $19.95? Why would the firm not hire more (or less) than the numbers you have chosen?
2. How can you tell that the firm sells its product in a perfectly competitive product market?
country A has 1500 units of labor and can produce two goods, manufactures and food. A's producers take 5 units of labor to produce one unit of manufactures and 6 units to produce one unit of food.
What term would economists use to describe what happened in year 3 Expansion OR Recession If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been the average growth rate
Jim and Matt allocate their consumption between two goods: hats and bats. The price of hats is $4 each and the price of bats is $8 each. For Jim, the marginal utility of the last hat consumed was 8 and the marginal utility of the last bat was 24.
A year after buying her car, Anita has been offered a job in Europe. Her car loan is for $15,000 at a 9% nominal interest rate for 60 months. If she can sell the car for $12,000, how much does she get to keep after paying off the loan
Derive the expression for the marginal rate of technical substitution for thisproduction function.(f ) If α = 0.3, the price of capital is $10 per unit and price of labor is $15 perunit, what is the cost-minimizing ratio of capital to labor.
Plot the levels and first differences of lnrgdp and lnrstockval and briefly comment on the graphs and obtain and comment on the variance decompositions for 24 periods ahead based on the original ordering of the variables.
The initial price of a cup of coffee at a local gas station on is $1, and at that price, 400 cups are demanded each day. If the price falls to $0.90 a cup, the quantity demanded will increase to 500 cups a day.
Haskel, J.E., Pereira, S.C. & Slaughter, M.J. (2007) ‘Does inward foreign direct investment boost the productivity of domestic firms Analyse and evaluate the argument presented in the article
Policymaking is much easier when the stae of the economy is easily observable than when there is uncertainty about how the economy is doing, as this problem illustrates. Suppose that the economy is either in an expansion or a recession.
Computing regression lines, coefficient of squares, graphing dependent and independent variables using square footage vs home sales.
The presence of autocorrelation leads to all of the following undesirable consequences in the regression results except:
John is considering bidding against Dave for an endorsement contract. He estimates it will cost $ 1 million to prepare the demo that must accompany the bid. The profitability of the contract depends on the bid price John submits. He could choose t..
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