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A restaurant owner has the following short-run production function:
Q=30L + 2L² where Q=number of meals served per day, and L=number of workers.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph.
b. Show the range of labour where stages I, II and III of production occur.
c. If workers can be hired for $40 per day and the average meal is $6, how many workers should be hired?
How will each of the following affect the supply for insurance?
Contractionary monetary policy
If an economy is in short-run equilibrium that is below potential, what forces will bring the economy to long-run equilibrium?
Suppose Noah and Naomi's short-run weekly production function for garden benches is F(L)=0.4L. Where L represents the number of hours of labor employed. The wage rate is $10 an hour. What is their short-run cost function?
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances.
A farmer is producing where MC = MR. Say that half of the cost of producing wheat is the rental cost of land (a fixed cost) and half is the cost of labor and machines (a variable cost). In the short run, the farmer should shut down because he is maki..
One implication of the Lucas Critique is that
A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive office was at least nine years. A survey of companies reported in the Wall Street Journal found a sample mean tenure time of 7.27 years with a standard de..
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1,500,000 annually. What is the price elasticity of demand for a representative gasoline reta..
After wearing seat belts became malsoatory, drivers reacted by driving faster also less carefully. This is consistent with Illustrate what Principle of Economics.
Suppose that due to a political conflict inside the country, there is a risk the government will default in its debt.
What happens to the price level pt when the money growth rate m changes, holding the current money supply mt constant?
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