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The number of repairs manufactured through a computer repair shop depends on the number of employees as follows:
#of Workers #of Repairs
0 01 82 203 354 455 526 577 60
Suppose that all inputs other than labor are fixed in the short run.
a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers
b)Over what range of labor input are there increasing returns to labor? Diminishing returns to labor? Negative returns to labor?
c) Over what range of labor input is marginal product greater than average product? What is happening to average product as employment increases over this range?
d)Over what range of labor input is marginal product smaller than average product? What is happening to average product as employment increases over this range?
According to the life-cycle hypothesis, determine the typical pattern of saving for an individual over his or her lifetime?
If the demand for a domestic currency decreases in a nation using a fixed exchange rate system, what must the central bank do to keep the currency value steady.
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to illustrate the equilibrium level of real GDP and prices if the economy is operating:
These specials comprises of a significant price reduction on selected menu items purchased before some pre-determined time
What happens to aggregate demand when transfer payments and the taxes to pay them both increase by the same amount?
Find out more about the airline industry. What is the price elasticity of supply for the airline industry.
Problem on standard deviation
Discuss the effect of each of the following on the quantity demanded or the demand for new motor homes.
Given an increase in spending of $1,000, and a Marginal Propensity to Consume of 80%, what would be the total increase in the GDP what would the Multiplier be?
Give the utility function U(x, y) = (x-4) 1/2 (y-2)- 1/2 , what is the minimum income needed to ensure positive utility?
Calculate the real GDP in every year, assuming that the nominal GDP was $559 billion in the base year, $577 billion in year one, and $605 billion in year two,
Describe what economists mean when they say government purchases are 'exhaustive' expenditures whereas government transfer payments are 'nonexhaustive' expenditures.
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