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A firm currently uses 100 workers to produce 200 units of output per day. The daily wage (per worker) is $80, and the price of the firm's output is $50. The cost of other variable inputs is $600 per day. The firm’s fixed cost is 8,000. The marginal cost of the last unit is $50.
Given the information, what is the profit or loss?
Should the firm continue to operate? Carefully explain your answer.
Why do people routinely stuff themselves at all you can eat buffets Explain in terms of both utility also demand theories.
An individual’s demand for physician office visits per year is Q = 10 (1/20)P, where P is the price of an office visit. The marginal cost of producing an office visit is $120. (a) Individuals pay full price for obtaining medical services, how many of..
A sum of $25,000 is deposited into a savings account, which pays a yearly nominal 8% interest compounded semi annually. Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever. The maximum amount tha..
Which of the following is true about a content chunk on a web page?
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -6, while group 2’s is -3. Your marginal cost of producing the product is $70. Determine your optim..
Suppose you are appointed head of the energy department of the city or town where you grow up, and you are asked to come out with a sustainable long-term strategy that that will carry your city into the middle of the century. What are the three bigge..
A project scope statement is used to define the end result of a project. Its purpose is to define as clearly as possible what the project will deliver to the customer. What questions should the scope statement answer?
Who in the U.S. government is responsible for computing also reporting the consumer price index.
A sample of human resource executives was asked how their company planned to change their work force over the next 12 months. a categorical response variable showed 3 options: add employees, no change, lay off employees.
Illustrate what is the interest rate. Jack and Jill both obey the two-period fisher model of consumption.
If the George Firm is minimizing costs, its RTS is 1.5, and it pays its workers $30 per hour, how much must it pay for each hour it uses its capital?
Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,700,000 annually. What is the price elasticity of demand for a representative gasoline reta..
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