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You are an efficiency expert hired by a manufacturing firm that uses capital and labor as inputs. The firm produces and sells a given output and is currently employing 50 workers and 10 machines. During the consulting process, you find out that for this company capital is much more productive than labor: the marginal product of labor is 4 and the marginal product of capital is 50. The average wage rate they pay to their workers is $40 per hour, and the rental rate of capital is $100 per hour. The cost function for this firm is:
What are the 4 types of unemployment? Please explain the current situation of employment in the United States; how does it differ for the long-term unemployed (over 6 months)
Start by drawing the Short-Run Aggregate Supply and Aggregate Demand diagram with short-run equilibrium at Price Level = 165 and real GDP = 2750. Next, the following shock hits the economy: Concerned about an economic slowdown possibly turning into a..
Compute the price, output, and profit contribution if the product is not certified.
In their last half-century there have been three additional rounds of GATT/WTO negotiations. Discuss the achievements and failures of each of these rounds, and summarize.
An electric utility uses natural gas as fuel for a large multi-unit power plant. With all units in-service, for a given hour the plant's fixed cost is $120,000 and its variable cost is $50 per megawatt demanded. What is the hourly demand in megawatts..
In recent decades Americans have increased their purchase of stocks of foreign base companies.
What is the labor market classification of each of the following individuals? Be as specific as possible, and explain your answer. Julie has a graduate degree in mechanical engineering. She works full time mowing lawns. Jeff was laid off from his pre..
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1(q) = 10 and MC2(q) = 20. Find the prices that form an equilibrium (for simplicity and reality, assume that prices are quoted in units no sm..
How will the Fed's relatively recent authorization to pay interest
Calculate the elasticity for each variable. On this basis, discuss the relative impact that each variable has on the demand. Illustrate what implications do these results have for the firm's marketing and pricing policies.
Consider the relationship between the Mexican peso (MXN) and the Canadian dollar (CAD). Let the exchange rate be defined as Mexican pesos per Canadian dollar. For each of the following cases, illustrate the effects on the FX market and state how the ..
Illustrate what is the total number of wells which maximizes the sum of the profits of both firms.
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