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the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N)
Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit.
if A = 1, what will demand for labor be if the nominal wage is $10?
U.S. Nominal GDP for the year 2010 was $14,658 billion, whereas in 2000 it was $9,951 billion. The GDP deflator for 2000 (2010) was 88 (111) using 2005 as a base year. Using the compound growth formula xt+n = xt(1 + g)^n
Britney is very fashionable. When she buys a new dress (D), she also needs to buy a hat (H) to match that dress and vice-versa. So, she views the two goods as perfect complements. The price of a dress is $10, the price of a hat is $6
A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is S = 50 + 5P. The domestic demand curve is D = 400 - 10P. In addition, each unit of production yields a marginal social benefit of 10. a. C..
Each month, an airline sells 1,500 business-class tickets from London to Paris at $200 a ticket, and 6,000 economy-class tickets at $80 a ticket. Use this information to construct the demand curves of business travelers and tourists respectively, ..
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
A few years ago, the Boston Globe reported that the city of Boston planned to spend $14 million to convert the FleetCenter sports arena and entertainment center into an appropriate venue for the Democratic Nominating Convention (DNC).
Suppose that velocity is constant and the economy's output of good and services rised by 5% each year, what will happen to nominal GPD and the price level next year if the Fed keeps the money supply constant
Suppose that government expenditures are currently $700 billion and tax revenues are currently $550 billion. Assume further that the government estimates that if the economy were operating at full employment government expenditures would only be $..
GDP Price Level Real GDP Price Level Real GDP 110 275 100 200 110 225 100 250 100 225 100 225 95 225 100 250 95 225 90 200 100 275 90 225 a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville
Using your answer to question above, compute the value of the multiplier. Using your answer to the question above, calculate the amount of the change in the equilibrium level of Real GDP due to a $100 increase in investment expenditures.
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Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
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