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Bob has an income I = $1000 to spend on clothing and food. Letting y represent the number of units of food and x represent the number of units of clothing that he purchases, his utility function is given by:
U(x,y) = xy3
Assume that Px = Py = 1.
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product. c. Find the number of labor (L) that the firm should hire to maximize total product of labor. d. Find the number of labor (L) that the firm..
1. the short-run aggregate supply curve shows how cause output to rise.nbspa. increases in inflationb. decreases in
Discuss how the "tale of two auto plants" in the opening article shows how the choices facing a firm marking a long-run decision on plant location are much greater than those for a firm with a plant already in operation.
Each day millions of Americans purchase millions of goods andservices. These goods are services are generally readilyavailable, as long as you have the necessary money to purchase them.
If the Fed wants to decrease the value of the dollar on foreign-exchange markets, what should it do? What should it do if it wants to increase the foreign-exchange value of the dollar?
Compute the actual dollar annual worth of Machine B. Use an inflation-free MARR of 14 percent, an inflation rate of 6.5 percent per year, and a study period of 10 years.
discuss one recent price change that you have noticed while visiting your local supermarket. determine whether or not
q1. suppose that individual demand for a product is given by qd 1000 - 5p. marginal revenue is mr200 - 0.4q and
If a company manufactures records and its cost equation for a week is C = 300 + 1.5x and its revenue equation is R = 2x, where x is the number of records sold in a week, how many records must be sold for the company to realize a profit?
Based upon your own internet research, identify and comment on two supply-side initiatives included in the current U.S. stimulus package. Ensure your response includes one strength and one weakness in each of these initiatives.
Because of the change they created for taste and preferences and the higher income market, the gourmet coffee houses had a win-win in a period of falling wholesale prices and increasing retail prices
A firm facing a downward sloping demand curve is producing a level of output at which price is $7, marginal revenue is $5, and average total cost, which is at its minimum value, is $3. In order to maximize profit, the firm should
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