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Q1. Explain why does production ultimately experience diminishing marginal returns to labor in the short run?
Q2. What will happen to price of old car taken as an inferior goods whose substitute is new car if income of the people rises?
Q3. Using the midpoint method, when income equals $5,000, what is the price elasticity of demand between $8 and $12?
q. the owners of a small manufacturing concern have hired a manager to run the company with the expectation that he
Illustrate what is the relative labor supply in the economy. Derive it and draw it in the same picture as in part (a). Calculate the equilibrium relative price of labor.
Accounting equation determine effect if any on assets, liabilities and stockholder's equity. Explain what an account is and how it helps in recording process.
Suppose a furniture 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
Which of the following is a major difference between the AD-AS model and the dynamic AD-AS model? The dynamic .AD-AS model assumes the economy does not experience long-run growth, while the AD-AS model assumes there is constant inflation in the ec..
Illustrate what happens when a cheaper product is offered due to Impact of Government Imposed Price Ceiling that is below the equilibrium price.
What does this mean for your company? What is the cross-price elasticity for your product? What type of goods are Good A and Good B?
Fiscal approach was expansionary because the full-employment budget deficit increased from one yr to the next.
Show that a specific tax of $3.70/unit generates the same revenue as a 20% ad valorem tax
The company believes that the tractor units can be sold at the end of five years of use for 25% of the original purchase price. What is the maximum purchase price the company can pay for the tractor if it's after tax MARR is 12% per year?
Suppose that velocity is constant at 10, but the nominal money supply increases from $1.1 to $1.21 trillion. Elucidate what must happen to nominal output.
Under Illustrate what conditions are likely to be internalized without the necessity of government intervention
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