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A firm is producing optimally (maximizing profits) when the price level = $1. It pays a wage rate of $10 per hour to labor and rents capital for $8 per hour. It sells its product for $20 per unit.
At its current production point we can assume that its marginal product of labor (MPL) equals:
Identify the potential ethical implications associated with this decision. Determine the effect this may have on the decision making process. Identify how the organization applies corporate social responsibility to the business.
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
A maker of special handling devices for beverage manufacturing purchased an airplane for use by the company's executives. The airplane cost $1,500,000 and has an estimated 7-year life. What is the total amount depreciated (to closest dollar) through ..
Suppose that there are two commodities and a consumer prefers more to less of each good. If the consumer has transitive preferences, can her indifference curves cross?
Changes in the environment can affect tried-and-true products, resulting in the need for a company to consider new products and revise its existing strategies. Listen to the NPR news story "Thinking Inside the Toy Box." Consider the implications for ..
Below are three parcels of real property A, B and C. B wants to have a built-in swimming pool installed in his backyard. In order to run the water line directly from the main in the street to the site, the line must run over his neighbor’s property. ..
Nicotine has been used as a psychoactive drug by the native peoples of the Americas for approximately 8,000 years. Five hundred years ago, Christopher Columbus introduced tobacco to Europeans, who discovered, once they overcame the nausea and dizzine..
Consider a perfectly competitive market for a product X that is in its long run equilibrium. Suppose that this is an inferior good, and that consumer's income increases and the increase is expected to be permanent. Assuming that the prices of the inp..
State independence with insurance refers to
An oil refinery must now begin sending its waste liquids through a costly treatment process before discharging them. The engineering department estimates costs at $300,000 for the first year. It is estimated that if process and plant alterations are ..
Russell presents a study conducted in 1984 in which 79 percent of interviewed high school males and females revealed that it was acceptable to rape a girl in at least one of nine circumstances. If this same study (citing the same circumstances) were ..
Measuring the intensity of the business cycle requires. According to monetary theories of the business cycle, fluctuations are. As the economy approaches the peak phase of the cycle, profits will tend to
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