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A firm uses two inputs into production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. What happens to the firm's average total cost curve, the average variable cost curve, and the marginal cost curve when a. the cost of renting capital increases. b. the cost of hiring labor increases.
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
Analyze the effects of a change in money supply in an open economy under a flexible exchange value system. How are your conclusion affected by the adoption of a fixed exchange rate?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Sales associates carry personal digital assistants to relay information on fashion trends and customer demand back to the company's team of 200 designers in Spain. Real-time sales data allow the factory to increase production of items that are sel..
Owners of Sizzling Foods can earn a 14% rate of return on that land it they leased it others as a parking lot and while the last nurse hired treated 1,000 extra patients in a year. If doctors make $40,000 a year, what do nurses make?
Embassy Motorcycles (EM) manufactures two lightweight motorcycles designed for easy handling and safety. The EZ-Rider model has a new engine and a low profile that make it easy to balance. The Lady-Sport model is slightly larger, uses a more tradi..
Using the production function shown above, compute real GDP for each case and capital is constant but labour is increasing. What property of the production function is displayed? Explain.
A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..
Why does the assumption of independence of risks matter in the example of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated? Can you think of a situation where they might be negatively corre..
Suppose a firm has the following demand equation, Assume the company decreased the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule.
how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly
Determine the market structure in which the low-calorie food company operates and analyze short-run and long-run production and cost functions.
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