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You were recently hired to replace the manager of the Roller Division at a major conveyor manufacturing firm, despite the manager's strong external sales record. Roller manufacturing is relatively simple, requiring only labor and a machine that cuts and crimps rollers. As you begin reviewing the company's production information, you learn that labor is paid $12 per hour and the last worker hired produced 150 rollers per hour. The company rents roller cutters and crimping machines for $24 per hour; and the marginal product of capital is 150 rollers per hour. What do you think the previous manager could have done to keep his job?
What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
What is the average fixed cost of producing 2 units of output based on the following table:
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? What is the law of supply? Give two examples of how you have observed the law of supply at work.
Use demand and supply analysis to illustrate the changes in chicken prices described in the article. Describe what has happened in the corn and soybean-meal markets and how that has influenced the chicken market.
Price elasticity of demand for two customer segments
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
Estimate the linear demand equation
What is the law of diminishing marginal productivity? How does it differ from average productivity?
What are some of the ethical dilemmas encountered by traders in their pursuit of profits for both their company and themselves?
What is the Exy and what does that number mean and what is the relationship between these two goods - What would happen to total revenue with the price reduction
Describe why the results of computing cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.
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