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An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls). Number of operators Total minutes of personal calls (per hour) 0 600 1 480 2 410 3 370 4 350 a.If operators receive $25 an hour, what is the minimum possible total cost of personal calls (per hour)? b. What is the most the agency would be willing to pay the first operator?
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then:
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Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K)=E^1/2 K^1/4. How much labor and capital should the firm employ in the long run? How..
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research and discuss how the economic theory concerning decisions in the face of imperfect knowledge affects demand for
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1. aspen inc. is a manufacturer and distributor of digital recording decks for commercial recording studios. revenue
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