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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Total TotalWorkers Labor Cost Output Revenue 1 $200 50 $350 2 400 140 675 3 600 220 1120 4 800 270 1570 5 1000 300 1865 6 1200 315 2070 7 1400 320 2170(a.) What is the marginal product of the second worker?
(b.) What is the marginal revenue product of the fourth worker?
(c.) What is the marginal cost of the first worker?
(d.) Based on your knowledge of marginal analysis, how many workers should you hire?
Using the sum of the year method?
Calculate the point cross price elasticity of demand with respect to the price of competing television sets (P C ) at the values represented in question six and calculate the point income elasticity of demand for HD televisions at the values represen..
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Yesterday Bank A had no excess reserves. Today it received a new deposit of $4,000. What is the maximum amount by which the money supply can be increased as a result of Bank A's new loan?
Assume that Bob is only purchasing two products G and W. The market price of G is $25 and of W is $20. By spending all of his budgeted amount on these two items, he is maximizing utility and receiving 100 utilities from the last unit of G and 80 util..
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