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Assume the marginal product of labor is MPL = 20 and the marginal product of capital is MPK = 50. In addition, the price of labor is wL = 10 and the price of capital is wK = 30. Then, if a manger wants to lower the costs of production, the manager should use
a) An equal number of workers and machines
b) More workers and more machines
c) More machines and fewer workers
d) More workers and fewer machines
Why were the members of OPEC trying to agree to cut production? Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
Explain why the waiter will provide bad service and since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
Test the null hypothesis that each individual coefficient is equal to zero against the alternative that it is not, at the 5% significance level and comment on your findings
A development of value and distribution theories. Detailed analysis of the reactions of consuming and producing units
The production possibilities curve represents the set of all and the opportunity cost of a glove in Panama - an airplane manufacturing consortium in Europe, which receives large subsidies from several European countries.
Suppose you are analyzing market for minivans. What will be the impact on the equilibrium price and quantity of each of the following events on the minivan market?
In your role as new human resources manager, you plan to make a series of videos with various situations. These situations will allow the workers to view real life sexual harassment issues that they may have to deal with.
Explain the effects of the new factory on the items below. Then place the number of each item on the circular-flow diagram to show whether the activity takes place in the product market or resource market
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
Identify each as being consistent with risk averse, risk neutral or risk seeking behavior in investment project selection. Explain.
Identify and describe the effects of a change in money supply on the interest rate. Explain the money multiplier and the money creation process.
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