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A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $324 and the product sells for $3.24 per ton. (a) At what weekly output is marginal cost equal to average variable cost? (b) What is the minimum product price at which the firm will operate in the short-run? (c) How many workers should the firm employ to maximize profits?
Suppose that Lorena consumes only three different goods: steak knives, butter knives, and butcher knives. If, according to Lorena’s preferences, butter and butcher knives are inferior god, must steak knives be a normal good?
Why does government mandate individuals to purchase their own insurance in some cases such as automobile liability insurance but directly provide insurance to people in or situations such as health insurance.
John Wilson, the owner of a fast-food restaurant, estimated that he can sell 1,000 additional hamburgers per day by renting more automated equipment at a cost of $100 per day. Alternatively, he estimated that he could sell an extra 1,200 hamburgers p..
A monopolist estimated that the own-price elasticity of demand for its product is -4.5 and its advertising elasticity of demand is 1.5. Assuming these elasticities are constant, what fraction of the firm's revenues should the firm "reinvest" in adver..
Suppose the economy is experiencing a recession and high unemployment. What would be the interpretation of how an expansionary monetary policy would address this problem?
Assume mortgage payments of $1100 per month for 30 years and an interest rate of 0.5% per month. What initial principal or PW will this repay? Assume annual mortgage payments of $13,200 for 30 years and an interest rate of 6% per year. What initial p..
Elucidate how formal organizations have evolved over the past century. What differences were there in organizations a century ago, compared to today's organizations.
Given the following total profit function: 1. Determine the level of output of each commodity at which the firm maximizes its total profit 2. Determine the value of total profit at the maximum output level
Explain how does a decrease in foreign price levels affect domestic aggregate expenditures and demand. How is the aggregate supply curve different from the supply curve for a single good, like pizza.
When examining wage dispersion, many people consider only monetary rewards and ignore other perks such as life insurance, health insurance, and paid vacation days. A compensation package including these items is described as having which of the follo..
Some observes claim that laxity of the rules governing the creation, sale and purchase of some types of securities bear much of the guilt for the Great Recession of the early twenty-first century. Can you suggest some specific types of activity that ..
Many loans, both personal and business, are based on the prime rate or the Eurodollar deposit rate. It is important for bankers to know what the rates are as these will affect the pricing of loan services. Discuss how these economic changes may have ..
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