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Imagine that you are an economist and that you have been hired by a mid-sized hammer factory to advise the management team regarding how many hammers they should make in one month.
Based on the scenario above, what information or guidelines would you take into account in helping to determine how many hammers the factory should make in a month?
How would you determine whether your recommendations had positive outcomes for the business?
How would pricing and materials costs factor into this?
When would you recommend the company revisit these decisions (for example, to see if you need to make any adjustments)? Why?
An expansionary monetary policy is less likely to be effective if: Assume we have the following economic data: Unemployment rate = 8% Inflation rate = 2% Annual labor force growth rate = 1% Annual increase in worker productivity = 1% Using the above ..
A university in a metropolitan area wishes to increase its evening-school offerings of business-related courses such as marketing, accounting, finance, and management. Who are the target market customers (students) for these courses?
The United States, with about 300 million people, accounts for about 5% of the world population, but it accounts for over 20% of the world GDP and consumes over 20% of global resources. What do you think? What is your future global economic and busin..
A material handling system was purchased 3 years ago for $120,537. Two years ago it required substantial upgrading at a cost of $14,340. It once again is requiring an upgrading cost of $24,925. Alternately, a new system can be purchased today at a co..
She is considering quitting her job and going to university full time for four years.
A firm in an oligopolistic industry has identified two sets of demand curves. If the firm is the only one that changes prices (ie., other firms do not follow), its demand curve takes the form Q=82-8P. Calculate marginal revenue curves for each. Devel..
Celeste just borrowed 44,400 dollars. She plans to repay this loan by making equal quarterly payments of 2,730.19 dollars for 25 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Ans..
The Chancellor and Board of Trustees of the State System of Higher Education want to raise tuition to increase total revenue earned. As an astute economics student, you know that there is a relationship between total revenue and the price elasticity ..
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
John, Denny, Cass, and Michelle decided to perform music together from time to time. John would pay to book a venue. Denny would pay for gas in Cass’s car (a beat up car, but that she later replaced with a Porsche), How should they split the money th..
The demand equation for a company's product it Q = 500 - 3P + 2Pi + 0.1I where Q is the quantity demanded of its product, Pi is the price of its rival's product, and I is the per capita disposable income (in dollars). At present, p = $10, Pi = $20, a..
q1. you have the following information for your productbull the price elasticity of demand is -0.9.bull the income
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