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A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $324 and the product sells for $3.24 per ton. (a) At what weekly output is marginal cost equal to average variable cost? (b) What is the minimum product price at which the firm will operate in the short-run? (c) How many workers should the firm employ to maximize profits? (d) Calculate the firm's point elasticity of demand for labor at the equilibrium in (c) above.
What is opportunity cost, and how is it different from accounting cost? Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made.
Kennywood Amusement Park spends $75,000 each year in consulting services for ride inspection and maintenance recommendations. New actuator element technology enables engineers to simulate complex computer- controlled movements in any direction.
If the college charges all students the same tuition, illustrate what tuition can it charge to cover all of its costs.
Show that for any level of output q, the minimum cost of producing q is $q. d. Explain how a 10% wage tax would affect the way in which the firm chooses to produce any given amount of output
Economists believe that the current values of the deposit multiplier and the money multiplier are widely divergent. Why might these values differ at present? What (if anything) do you think must happen for them to converge once again?
Explain what negative externalities are, and why there may be a case for government intervention to address them. Describe some of the ways to correct the negative externalities and the pros and cons of each method. Provide real life examples.
n 1978 China introduced its "one child" policy to limit population growth. Due to selectice abortions, this has led to an enormous increase in the male/female sex ratio at birth. What would this new sex ratio do to the bargaining power of women in t..
A firm uses 1 capital for every 5 workers to produce 1 output. The price of output is $75, the wage rate is $8, and the rental rate for capital is $2 per unit. Assume capital is not a fixed cost. What is the profit maximizing level of labor demand if..
A contractor is considering whether to buy or lease a new machine for her layout site work. Buying a new machine will cost $12,000 with a salvage value of #1200 after the machine's useful life of 8 years. On the basis of an internal rate of return an..
The notion of sustainability is not the same in the natural sciences as in economics. In the natural sciences, sustainability frequently means maintaining a constant physical flow of each and every resource (e.g., fish from the sea or wood from the f..
Describe whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both.
Carefully explain why the following is either true or false. "In a 2*2*2 heckscher-olin context, when a relatively labor-abundant country moves from autarky to trade, the real return to capital in the import-competing industry decreases and the real ..
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