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1) A plywood firm uses three inputs – labor, lumber, and saws. Although it van vary its labor each week, it must order its lumber six months in advance, and it would take a year for the firm to sell its saws or acquire new saws. What time periods comprise the short run and the long run for this particular firm?
2) Explain why, aside from the shut-down decision (i.e., assuming that the firm plans to produce some positive amount), a firm should not use its average cost of production to determine the quantity of output that it produces.
Suppose that the price index for the years 1980 and 2010 is equal to 60.0 and 180.0, respectively. Also suppose that Maya earned an annual salary of $20,000 in 1980. Given the above, how much would Maya have to earn in 2010 in order for her salary to..
Provide some examples of brands that have garnered success and have not garnered success with social media. Based on the comparison, what are the key ingredients to getting consumers to engage with a brand? Share pictures or links to assignment brand..
Suppose the EU now institutes a cap and trade system. Each permit is good for one ton of carbon abatement. The total cap is 120 tons. Each of the two plant types receives an equal amount of permits. What is the market price for permits?
Explain four problems with the argument that trade protection is needed to protect American jobs. Describe the economic reasons why businesses use off shoring.
The three Cs in the 3C strategy for persuasive writing are
operating deficit is asking should the transportation authority increase or decrease the price per ride based upon the price elasticity of demand.
This month your vendor invoiced $50,000 in testing charges for your production run. The unit cost for testing is twice as much for each of the first 500 units per month as compared to each unit over 500. If 750 units were shipped to the vendor this m..
Reco Corp. is expected to pay a dividend of $2.25 next year. The forecast for the stock price a year from now is $37.50. If the required rate of return is 14 percent, what is the current stock price? Assume constant growth.
The principle that a firm should produce up to the point where the marginal revenue (MR) from the sale of an extra unit of output is equal to the marginal cost (MC) of producing the extra unit applies:
Which of the following is TRUE of the European Union's cap-and-trade program?
Unions tie the hands of management and inhibit efficient decision making. Unions contribute to economic efficiency in that union wage pressure hastens the weeding out of the high-cost, least efficient producers in each industry.
q. a county is considering using a piece of park land for one of two alternative recreation projects. project s would
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