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Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
w = 7 and r = 7.
a) In which direction will the substitution effect change the firm's employment and capital stock?
b) In which direction will the scale effect change the firm's employment and capital stock?
c) Can we say conclusively whether the firm will use more or less labor? More or less capital?
Suppose a firm is producing 1,000 units of output (Q). Its average fixed costs are $50. Its average variable costs are $25. What is the total cost (TC) of producing 1,000 units of output (Q)? It the price (P) of the good is $100, what is total rev..
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
Assume that velocity of money is 5, nominal GDP is $1,350,000 and cost level is 3. Estimate all possible unknowns in XYZ's economy, if its federal reserve buys $9,000.00 in government bonds.
q.a machine has a first cost of 100000 in todays dollars and a salvage value of 40000 in current dollars at the end of
hat drug is nearly through clinical trials, and is expected to produce an acceptable return on the investments that have been and will still need to be made in it.
Neoclassical economics assumes rational behavior from actors (consumers and suppliers) as well as profit maximizing behavior. These assumptions make sense (do we want to assume people are irrational - how do you study that) but are they real.
Please explain the significance of laws to protect employees from collectively bargaining from the perspective of diverse stakeholders. Please explain the different classifications to protect employees from discrimination.
Mr. Smith has saved $ 1200 each year for 25 years. A year after the saving period ended, Mr. Smith withdrew $ 4500 each year for a period of 5 years. In the sixth and seventh year, he only withdrew $ 3000 pre year. In the eighth year, he decided to w..
Elucidate how production possibilities table or curve reflects law of increasing opportunity costs. Illustrate what do points along PPC recurrent (with respect to available resources).
You graduate from UAlbany and receive a job offer that includes a "retention" or "stay" bonus. At the end of 3 years the employer will pay you $50,000 to offset your tuition. a. What is the value of this assuming you use 3% to discount the future? b...
As a general rule, is it safe to assume that a lower interest rate will encourage significantly lower financial savings for all individuals? Explain.
Does NAFTA affect the automobile industry's decisions on what to do with labor and capital costs? If so, how? In your opinion, was this trade agreement good for the United States and Mexico from an economic standpoint?
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