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Compound consolidated corporation (CCC) produces containers using two inputs: labor and glue. If labor cost 10.00 per hours and glue costs 5.00 per gallon, draw CCC's budget line for a total expenditure of 100,000. In this same diagram, sketch a production indifference curve indicating that CCC can produce no more than 1,000 containers with this expenditure.
With respect to Test Yourself Question 1, suppose that wages rise to $20 per hour and glue prices rise to $6 per gallon. How are CCC's optimal input proportions likely to change? (Use a diagram to explain your answer)
The initial cost of a pickup truck is $11289 and will have a salvage value of $3730 after five years. Maintenance is estimated to be a uniform gradient amount of $133 per year, with zero dollar for first year maintenance. The operation cost is estima..
Economists have often found that purchasing power parity gives a closer approximation to reality during periods of very high inflation than during "normal" times. can you provide an explanation for why this might be so?
Elucidate the implication of the efficiency wage theory for unemployment. In what way are piece rates, commissions, royalties, profit sharing, and stock options substitutes for efficiency wages.
borrow 1000 at t=0. Make exact interest only payments at the end of each year for 4 years and at the end of the 4th year repay the entire principal in addition to the last interest payment. borrow 10000 at t=0. Pay a principal payment each year of 25..
A bridge design firm is performing an economic analysis of two mutually exclusive designs for a highway overpass. The steel girder option has an initial cost of $2.14 million, and the concrete option has an initial cost of $2.58 million. Every 25 yea..
Assume there are only two producers of tennis rackets: Wilson and Prince. The market demand for tennis rackets is depicted by the algebraic formula P = 100 - Q, where P stands for price and Q stands for quantity of rackets. If Wilson and Prince form ..
You are willing to work up to 80 hours a week. You make $10(B + 1) an hour, where B is the second-to-last digit of your Student ID. Define and graph your budget set in terms of leisure (equal to non–worked hours) -Good 1- and ”money spent on every ot..
Suppose the government decreases taxes by 20 percent. Describe the effects to the equilibrium price level and GDP. Make sure to address consumption, disposable income, and aggregate demand in your answer.
There were 13,249 weddings in Springs City last year. According to state records, notaries public performed 17% of the weddings. How many weddings were not performed by notaries public?
Explain why would elasticity of demand be important to you in determining the products on which the taxes should be levied.
In the mid 1980s female nurses became increasingly aware that a relatively large number of attractive job opportunities existed outside the medical service industry. In fact large number of colleges offered life and transfer credits for nurses so tha..
Social policies are designed to a. meet individual needs, at the expense of society’s b. meet societal needs, but always at the cost of individual needs c. satisfy public opinion, no matter what d. both meet the needs of the citizenry and support the..
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