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You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.Numbers of Workers Quantity Produced0 01 12 33 64 115 196 247 288 319 3310 3411 3412 33
a. What is the range of workers where there are increasing returns to scale? Constant returns to scale? Decreasing returns to scale? Negative returns?b. If the company wants to maximize total output, what number of workers should be hired?c. What is the number of workers that should be hired if the company wants to maximize output per worker?
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Design a simple econometric research project
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
The Australian government administers two programs that affect the market for cigarettes.
Solve the forecast model
Determine when a competitively produced product generates negative externalities in production, the industry will,
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
Multiplicative decomposition method
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
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