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A small consulting firm is only interested in hiring College graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(S) = 100S – (1/8)S2. Hiring additional workers will increase production F(S) over relevant ranges of S. But is the 51st S more valuable than the 50th S in terms of her additions to overall production? What quantity of college graduates should this firm hire and why does it stop hiring at this level of S? How does your answer change if the production function is F(S) = 200S – (1/8) S2 and the wage increases to $22?
Jordan Inc makes basketballs in Vietnam using labor (L) and capital (K). Its weekly production function can be described as: The price of each unit of capital is $40 per unit per week. The labor use varies according to the number of basketballs made,..
Entrepreneurs do all of the following except:
The demand for coffee is given by the following equation, where QD stands for the quantity demanded and P stands for price. At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)? What is the slope o..
What would happen to the equilibrium price and quantity of latte´s if coffee shops began using a machine that reduced the amount of labor necessary to produce steamed milk, which is used to make latte´s, and scientists discovered that latte´s cause h..
Jake drove Amanda's truck to the football bowl game because his car was broken. On the way home, Jake was involved in an accident that was his fault. The resulting liability damages totaled $85,000. Jake has $100,000 liability coverage on his car, an..
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Critically compare and contrast the policy approaches of TSCA and FIFRA. In your view, which of these is more effective in preventing pollution? Explain.
A health reform plan recommends introducing a tax of $20 per day on hospital stays. How this new tax will affect hospital supply curve? Draw a diagram to illustrate your answer.
Suppose the actual RGDP for the US economy in Y2003 and in Y2004 are respectively $10,580.7 billion and $10, 994.3 billion. Estimate the growth rate of RGDP in percentage terms between these two years. (Hint Growth rate = (Yt- Yt-1)/Yt-1 *100).
A company is producing 15,000 units. At this output level, marginal revenue is $22, and the marginal cost is $18. The firm sells each unit for $48 and average total cost is $40. What can we conclude from this information?
In addition to wages, what other factors influence an individual to choose one job over another? Consider jobs like those on some popular TV shows like Deadliest Catch and Ax Men. While these individuals are not guaranteed a high salary, why might th..
Contrast comparative and absolute advantage. Is it possible for a country to have a comparative advantage in producing a good without also having an absolute advantage? Explain.
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