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Marginal Productivity & Price Elasticity
Marginal Productivity and CostsIn the short run, machinery is fixed and labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declininga. The marginal cost of producing output must be rising if output is increased.b. average product of labor must also be rising.c. average fixed cost must be greater than average variable cost.d. None of the above.
Own Price Elasticity and RevenueMillie produces and sells 300 jars of honey per day at a price of $8 per jar. In order to increase total revenues, she plans to increase prices from $8 per jar to $10 per jar. Mollie's strategy will work so long as:a. The demand for honey is inelastic between $8 and $10.b. The demand for honey is elastic between $8 and $10.c. Honey is a normal good.d. None of the above.
Own Price Elasticity of WaterDue to drought conditions, the local government wants to reduce the quantity demand of water by 10%. If it is estimated that the price elasticity of demand for water is -0.3, by how much (in percentage terms) must the price of water be increased to reach this goal?a. 33.3%b. 3.0 %c. 0.3%d. 0.003%
Elucidate is the fiscal policy expansionary or contractionary.
The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours Per week (Q T ) supplied to the market.
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
What are the macro and micro problems? What systems are affected structural, psychosocial, technical, managerial, goals?
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
Assume Helen's income increased from $30,000 per year to $45,000 per year and Helen\'s crab meat consumption went from 25 pounds per year to 30 pounds per year.
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
Explain how will different cultural perspectives of a region impact your global business operations.
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
What is the unemployment rate? What will the unemployment rate be if the unemployed increases to 7 million and 3 million individuals become discouraged workers?
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