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Coretta can build three chairs in her first week of work. In the second week, she starts to get tired and has to take time out to clean the workshop, so she can only make two additional chairs. In the third week, she settles into a pattern of one additional chair per week, which she can maintain for a fourth, fifth, and sixth week. In the seventh week, she's exhausted and can only finish half an additional chair.
a. Make a table showing the number of weeks worked and the marginal and total number of chairs produced.
b. Sketch Coretta's total product curve for chairs, where the variable input is the time she spends, and the output is the total number of chairs produced.
According to the News on page 677, what percentage of retail jobs would be lost if the minimum wage were increased to $9.50. Obama Wants $9.50 Minimum Wage (Crains)- When Barack Obama and his fellow Democrats take power in Washington.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). Repeat part (b) for the case in which px..
Time-series data for the last 15 years are used to estimate the regression model. E = a + bN where E is total earnings of the motion picture industry measured in dollars per year and N is the number of tickets sold in December.
Two large-scale conduits are under consideration by a large municipal utility district (MUD). The first involves construction of a steel pipeline at a cost of $225 million. Portions of the pipeline will have to be replaced every 40 years at a cost..
A manufacturer is considering replacing a production machine tool. A new machine tool will cost $37,000 and have a life of 4 years with no salvage value, and will save the company $5000 per year in direct labor costs and $2000 per year in operatin..
a.) Determine the profit maximizing level of output. b.) Compute the profit maximizing price. c.) Calculate the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
The Third National Bank has reserves of $20,000 and checkable depositts of $100,000. The reserve ration is 20%. Households deposit $5,000 in currency into the bank that is added to reserves
What is the multiplier associated with each policy program (i.e. the multiplier AFTER the program is implemented - just the number please) Which policy program promotes economic stability. MPC = 0.8 - 0.01Y (marginal propensity to consume).
What expectations must people have regarding future interest rates?
Albert Einstein once noted that" compounding of interest is one of humanity's greatest inventions". to illustrate the mind-boggling effects of compounding suppose $100 is invested at the end of each year for 25 years at i=50% per year. In this cas..
Assume that the officials in Ecoland have compiled the following information about their economy for last year: The government uses the following equation for the investment function: I = 3,300 - 100r Where r = equal to Ecoland's real interest rate.
A composite beam is made by attaching the timber and steel portions shown with bolts of 12-mm diameter spaced longitudinally every 200 mm. The modulus of elasticity is 10 GPa for the wood and 200 GPa for the steel.
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