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The additional output produced by a firm as a result of hiring another worker is called the marginal product of labor. The amount by which a firm's revenue will increase as a result of hiring one more worker is called the marginal revenue product of labor. Would a firm hire another worker if the marginal revenue product of labor exceeded the market wage rate? Why or why not?
How do these 4 concepts help to explain the law of demand (not explaining what they are but how the are related to law of demand):
1. Your boss tells you that the price elasticity of demand is -0.89 for immunizations. She claims that this means your clinic can raise prices and there will be no change in demand for immunizations. Explain whether she is correct or incorrect.
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2
Based on your understanding, are there circumstances in which it might be possible that deficits could increase productivity and long-run growth
Discussed the story of Dalton, Georgia, and its role as the "carpet capital of the world." A similar story can be used to explain why some 60% of the motels in the United States are owned by people of Indian origin or why, as of 1995, 80% of do..
1. The marginal revenue curve for a perfectly competitive firm is ___________.
Suppose that a model of the economy suggests that the real interest rate is determined by the equation R= 8.5 - % ?Y Where Y is the level of output, so % Y is the growth rate of output. Suppose that people expect the Fed to hit its inflation target.
Nintendo and Sony Playstation are each considering to introduce one new game into the market. Each is planning three different kinds of games: an urban action game like Grand Theft Auto,
Give two examples of policies from recent history that can be considered as keynesian intervention to economy by us government. Briefly explain how the changed role that keynesian theory ascribed to government has affecte the overall performance of t..
Because bagels and cream cheese are often eaten together, they are complements. We observe that both the equilibrium price of cream cheese and the equilibrium quantity of bagels have risen.
After World War II, Canadian exports generally ________ Canadian Imports, but in the early 1990s, immediately following the signing of free trade agreements, Canadian imports grew ________ than exports. However, after 1994, ________ emerged again ..
What determine the quantity of corn we grow, homes we build, and health care survives we produce. Sixty years ago farm output was 5% of the total US production now it is 1 percent.
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