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The demand for labor is said to be a derived demand. explain this and distinguish it from the typical demand we assume when speaking of the demand for cars or apples. Make-up a numerical table that shows total production, average product and marginal product of labor in the short run. Define each term in words as well. Why is it important to stress this is a short run analysis? if your table shows a point of diminishing returns, identify it and define the concept. Explain why a firm would never be found producing before average product of labor is at its maximum. Re-draw a firm's total, average and marginal product functions assuming that diminishing returns sets in with second unit of labor hired.
in calculating the incremental cost of a particular project how would you treat the possible future costs of a lawsuit
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What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
Elderly population is growing more rapidly than the total population - the number of workers is rising slowly, retirees are rising quickly. If total expenditure were frozen, what would happen to benefits per retiree
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select a major course concept that was discussed during our semester and explain how you would apply it to solve a
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