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What if a company employs ten workers and pays each $15 each hour. Further suppose that the MP of the 10th worker is five units of output and that the price of the output is $4. According to economic theory, in the short run,
a. the firm should hire additional workers.b. the firm should reduce the number of workers employed.c. the firm should continue to employ 10 workers.d. More information is required to answer this question.
The Quik Service Walk In Clinic always has three M.D. and 8 R.N.s working at its 24 hour clinic, which serves consumers with minor emergencies and ailments.
Assume a company is operating at the minimum point of its short-run average total cost curve, so that marginal cost equals average total cost.
Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
A company uses two inputs to produce a final good. If the price of one of the inputs raise and price of the other remains the same
Mr. Smith, has fallen behind on his work, he has asked you to help to make a letter for a local business or economic project.
"A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 25 percent in last year.
Kate's Katering offers catered meals, and catered meals industry is perfectly competitive. Kate equipment costs $100 per day and is the only fixed input.
Draw the individual cost curves on one graph: marginal cost, average total cost, average ?xed cost, and average variable cost. Place costs ($) on the y-axis and quantity (Q) on the x-axis.
Assume the Kalamazoo Competition free Concrete's demand function is D=5,000-50P, its marginal cost is 40 dollar per cubic yard,
General Cereals, (GCI) produces and markets Sweeties!, a popular ready to eat breakfast cereal. In an effort to expand sales in the Secaucus,
Assume the production function is given by Q = 4K + 8L. Determine the average product of capital when 10 units of capital and 5 units of labor are employed?
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