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Q1. Labor costs $12 per hour. Nine workers produce 180 bushels of product per hour, whereas 10 workers produce 196 bushels. Land rents for $1,200 per acre every year. With 10 acres worked by 9 employees marginal physical product of an acre of land is 1400 bushels every year. Does the farmer minimize costs by hiring nine workers and renting 10 acres of land? If not, which input should he use in larger relative quantity?
Q2. If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity?
The project management role has several responsibilities in the area of scope. Which of the following represent these areas for scope.
how must you consider the issues regarding diminishing marginal returns and economies of scale.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using year 1 as the base year. Next, do the same calculations using the chain-weighting method.
You are the manager of global opportunities for a U.S. manufacturer, who is considering in Europe expanding sales.
Calculate the price and quantity associated with the perfectly competitive outcome.
Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought.
Is the price mechanism of a perfectly competitive market a good mechanism to allocate gasoline.
Calculate the constant debt-GDP ratio that the country can achieve if the country runs a primary budget deficit of 3%. Is this debt-GDP ratio stable.
Suppose the legislature enacts minimum wage legislation in order to provide workers with a "living wage.
Why might the Homo sapiens production possibilities curve have shifted outward to the right much more rapidly than those of Neanderthals.
Explain the connections between opportunity cost and the production possibilities frontier.
Illustrate what is the mechanism by which an aggregate demand recession is transmitted from one country to another.
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