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According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 (in absolute value). To hire workers, suppose that Mitsubishi must pay the competitive hourly wage of ¥1,670. In the study of its production process and markets where capital is procured, suppose that Mitsubishi determines that its marginal productivity of capital is 0.6 small cars per hour at its new targeted level of output and that capital is procured in a highly competitive market. The same study indicates that the average selling price of Mitsubishi’s smallest car is ¥1,250,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output.
Find the following (to 4 decimal places).
Rental rate of Capital?
Marginal productivity of labor?
To minimize costs Mitsubishi should hire capital and labor until the marginal rate of technical substitution reaches what proportion?
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When the accounting profit equals the implicit costs, the firm earns
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they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Why does the government grant patents to investors? Why does the government give monopoly power to utility companies?
A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firm’s total costs are C(Q) = 40 + 10Q + 2Q2. How much output should the firm produce in the short run...How many units?What price shoul..
Globalization has had a significant impact on the world economy and the economy of the United States. Using economic principles, describe how globalization has affected positively and negatively the economy of the United States.
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