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The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by and that capital is fixed at 1 unit.
a. Calculate the average product of labor when 9 units of labor are utilized.
b. Compute the marginal product of labor when 9 units of labor are utilized.
c. Suppose the firm can hire labor at a wage of $10 per hour and output can be sold at a price of $100 per unit. Determine the profit-maximizing levels of labor and output.
d. Illustrate what is the maximum price of capital at which the firm will still make nonnegative profits?
She says the tax will generate $100,000 tax revenues per month. What assumption is she making.
Besides elections and campaigns, do the major political parties influence public values and ideas.
Explain why do you suppose that employees pay for general training and the employer pay for specific training with respect to the basic competitive model.
Explain the Miami plant which is closed or continue to operate at a loss in short run.
illustrate what does this mean for the survival of small firms in the industry.
She is now considering raising her prices by 20 percent to offset the increase in her monthly rent.
Explain how the strength of the economy as a whole could affect the marginal benefits also the marginal costs associated
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
Illustrate what are the monopolist's profit-maximizing price and total output.
Find the total quantity produced also every firm's profit in equilibrium. Express Illustrate what happens to these when Firm 1 changes its technology as above.
The client would like to know what output level should it select that will keep the competitor from changing its output.
If the company requires a minimum return of 25%, illustrate what should be the minimum yrly sales for 12 yrs to justify the investment.
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