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Consider the following information:
Computers: Sales revenue = Pc*Qc = 150
Payments to labor = W*Lc = 75
Payments to capital = Rk*K = 75
Barley: Sales revenue = Pb*Qb = 150
Payments to labor = W*Lb = 70
Payments to land = Rt*T = 80
Holding the price of computers constant, suppose the percentage increase in the price of barley is 10% and the percentage increase in wage is 5%.
The effect of the increase in the price of barley on the rental price of land is then about?
In 2010, Smileytown consumed 50,000 tubes of toothpaste. In 2011, toothpaste consumption rose to 62,000 tubes. Calculate the percentage change in toothpaste consumption.
the law of demand states thata. consumers buy a good based on many other factors other than the price of the goodb.
Currently XYZ's compensation system is such that only top managers receive compensation based on the company's performance, while everybody else in the company receives a fixed salary. Moreover, top managers have full discretion over the launch of..
Identify a situation in the past 50 years in which the government used antitrust policies to stop a monopoly from occurring. Include the circumstances of the proposed monopoly and the reason the government stepped in.
Since all economies are faced with scarcity, how might nations attempt to minimize the human hardship associated with scarcity Try to use concepts seen in this unit such as production possibilities frontier, comparative advantage, circular flow, e..
In perfectly competitive market a company typically has short run average total cost curve and marginal cost curve of;
How does your company or management go about estimating its sales? How does it determine the demand for new products so that it can make a production run?
Critically analyse impacts of the financial crisis which came to a head in 2008 on an economy of your choice. Your focus should be on the macroeconomic impacts and include conclusion which discusses what you consider the future holds for your chos..
When looking at the cost variables, the term marginal cost comes up. What does it mean and how does it impact the business decision models?
It is your first day on the job at the Itty Bitty Machine (IBM) company and your new boss wants your advice. The company has invested $10 million in its new computer software.
The company is risk neutral and so maximizes expected profits net of wages.
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
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