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A firm can manufacture a product according to the production function:
Q = 100 K3/4L1/4
a. Calculate the APL when the level of capital is fixed at 16 units and the firm uses 16 units of labor. How does the APL change when the firm uses 81 units of labor?
b. Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 16 units. Then illustrate that the MPL depends on the amount of labor hired by calculating the marginal product of labor for 16 and 81 units of labor.
Evaluate the third-party payment system and its effect on the consumption and provision of health care services. Determine the most problematic area and make the relative improvements.
Read the articles by Dravone and Gandal; Schepp; and Craft on different products and how the demand for them has been estimated, either correctly or incorrectly. Now read Appendix 4A Applications of Supply and Demand found in your text. Select o..
Find an article (newspaper, magazine, or online) that identifies a shift change in supply and demand. Use the article to answer the questions: Indicate if the shift has already occurred, maybe occurring currently, or may occur in the future. Is the m..
Describe the problem of adverse selection when health insurance is offered at a community rated premium? Define the term community rated premium as well. Is it possible to address the problem of adverse selection by increasing the premium level? Why?..
Opponents of free trade often argue that trade with other countries destroys domestic jobs; it threatens industries that are vital to national security; it inhibits the chances of a new domestic industry from surviving; and that it is only desirable ..
In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency und..
Consider the AD/AS model built from the IS/LM, with an upward sloping SRAS. The economy was operating at full employment, but it is suddenly hit by unfavorable weather conditions, which increases the expected price level and shifts the SRAS to the le..
In 2008, the price of crude oil (per barrel) set an all-time record of approximately $147 and then sank to near $40 by the end of the year. Since crude oil is a resource that is used in many industries, how would these changes in price impact of 3..
When the Fed uses monetary policy targets, they cannot use both a money supply target and an interest rate target at the same time because.
The unemployment rate in November 2011 came down to 8.6% from 9.0% in the previous month. What could have been a possible reason for the decrease in the unemployment rate even when many new jobs were not created in the economy at that time?
Consider the following aggregate economy Note that taxes and imports rise with income. Assume that interest rates, exchange rates and prices are fixed. Calculate the equilibrium output in this economy. What is the balance of trade at equilibrium? Sur..
Your job is to find out as much as possible about how (or could) Disney or other theme park’s prices their theme park tickets, options and discounts, i.e., what pricing models do they use? (Timesaver: Disney is not going to tell you.) How does Disney..
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