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The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard: Q = 100L- L 2 . MPL= 100 - 2L where Qis the number of apples produced in a day, Lis the number of workers, and MPL is the marginal product of labor. a. What is each orchard's labor demand as a function of the daily wage W?What is the market's labor demand? b. Ecteniahas 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make? c. Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. d. Now suppose the price of apples is back at $2, but a hurricane destroys half the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
The price of cranberry juice suddenly increases. As a result, Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her.
Based on the Solow model, how would each of the following affect consumption per employee in the long run? Describe and illustrate your answer graphically.
At what sales/output level will marginal costs (MC) reach a minimum and estimate the value of TVC for sales/output level 250,000 units, and calculate the 95% confidence interval for your estimate.
what was an example of the significant run-up in oil prices from 2005-2010. an aggregate demand shock that increased the price level and increased the rate of growth of real GDP.
President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade.
A bond with no expiration date has a face value of $10,000 and pays a fixed 10 percent interest. If the market price of the bond rises to $11,000, the annual yield approximately equals.
Nobel Laureate Robert Fogel of the University of Chicago has argued, "Expenditures on healthcare are driven by demand, which is spurred by income and by advances in biotechnology that make health interventions increasingly effective." If Fogel is ..
The Wall Street Journal discusses a trend among some large US Corporation to base the compensation of outside members of their boards of directors partly on the performance of the corporation.
Consider now that the entrant, if fought, has the possibility of withdrawin from the industry (at a loss of 1 for the entrant and a gain of 8 for the incumbent), or staying (at a loss of 5 for each player).
A recent newspaper circular advertised the following special on tires: Buy three, get the fourth tire for free-limit one free tire per customer. If a consumer has $500 to spend on tires and other goods and each tire usually sells for $50 how does ..
Write a report addressing a quantitative analysis (QA) project. Select a business of interest and develop QA best practices that can be developed and implemented to increase revenues and/or to decrease costs. Please provide at least three mathe..
Write your paper in the style of an academic journal article. The in-class readings, as well as articles published in The Rand Journal,
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