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Kyle and Jeremiah own firms that produce winter mittens. Suppose the firm’s production function is given by Q =10 or L is the number of workers hired by the firm. It can be shown that the marginal product of labor is then MPL = Assume that in the absence of discrimination, the equilibrium wage is $10 per hour. The price of each unit of output is $20. Profits are equal to: Π = PQ – WL There are two groups of workers, short and tall people, and these groups are equally productive. Kyle’s firm discriminates against short people by a factor of $10.
Illustrate what is the difference among the short-run also the long-run for a perfectly competitive firm in terms of costs also profits.
Workers actively demand pay increases when the price level is rising and are willing to accept pay cuts when the price level is falling, then the short-run aggregate supply curve would be:
problem set one1-price-elasticity of
Suppose that the demand for orange increases. Carefully explain how the rationing function of price will restore market equilibrium.
Why has supply chain management become so important in recent years? What has changed in terms of business and marketing resulting in growing emphasis on the development of relationships and partnerships both upstream and downstream?
Suppose you have a production technology that can be characterized by a learning curve. Every time you increase production by one unit
Suppose that the Fed conducts an open-market purchase of $1,500 in securities from the nonbank public. The Fed pays for these securities using currency, which the nonbank public holds in the form of cash. Show how this transaction affects the liabili..
Cater enterprises can issue floating-rate debt at LIBOR + 2.50% or fixed rate debt at 9.50%. Brence Manufacturing can issue floating-rate debt at LIBOR + 4.60% or fixed rate debt at 11.00%. Suppose Cater issues floating-rate debt and Brence issues fi..
Suppose the own price elasticity of demand for good X is -0.2, and the price of good X decreases by 10%. We would expect the quantity demanded of good X to:
Smith has been trying to sell his house for 6 months although so far there are no purchasers. Draw the market for Smith's house.
Two weeks later, Nina arrives and demands to purchase 15 of Seth's cars. Is he obligated to sell?
Your grandfather has offered you a choice of one of the three following alternatives: $5,000 now; $1000 a year for eight years; or $12,000 at the end of eight years. Assuming you could earn 11 percent annually, which alternative should you choose? If..
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