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Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000.
a. What is marginal cost?
b. What is average variable cost?
c. How much output is being produced?
d. What is the average total cost?
e. Is average variable cost increasing, constant, or decreasing?
A small-volume foreign auto maker limits the number of its franchised dealers in the United States and gives them exclusive territories. There are also non-dealers who have no official connection with the manufacturer.
What does Marx mean when he uses the term “mode of production”? How is the mode of production related to the forces of production and the relations of production? (Be sure to carefully define ‘forces of production’ and ‘relations of production’ in yo..
Which of the following is not a condition required for the practice of price discrimination?
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
1. in problem 1 sir plus has a demand function for mead that is given by the equation dp 100 - p. if the price of mead
1. craft unionsboth industrial unions and craft unions attempt to raise their members wages but each goes about it
What is the NPV break-even level of sales assuming a tax rate of 35%, a 10-year project life, and a discount rate of 12%? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
What are the limits to the U.S. long-term economic growth? Is there anything that our government can do to address these limits, or would it be a bad idea to try?
Give two reasons why can't we compare people with different levels of labor market earnings to measure the income effect for retirement? Make sure to distinguish income and substitution (or price) effects.
Explain the dissimilarity between the human capital and signalling theories of education. Identify whether each of the following raises labor demand or lowers labor supply (includes slowing labor supply growth) in labor market X.
Use an aggregate demand and aggregate supply diagram to illustrate and describe how each of the following will affect the equilibrium price level and real GDP
Discuss the difference between a change in demand and a change in quantity demanded in terms of causes and in how they appear graphically.
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