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Suppose your firm's total product curve includes the following data: One worker can produce 8 units of output; two workers, 20 units; three workers, 34 units; four workers, 50 units; five workers, 60 units; six workers, 70 units; seven workers, 76 units; eight workers, 78 units; and nine workers, 77 units.
a. What is the marginal product of the seventh worker?
b. When does the law of diminishing product set in?
c. Under these conditions, would you ever choose to employ nine workers?
Suppose Alfred and Bart are originally paid $10 per hour at In N Out, and they originally choose to each work 8 hours per day. Explain how a wage decrease to $9 per hour could make Alfred choose to increase work hours per day, but could make Bart ..
The research and development division of a large corporation is considering the purchase of a new tunneling X-ray microscope for $200,000. The projected net benefits from gains in materials engineering is projected to be $45,000.
Big State U charges in-state and out-of-state student's different tuition rates. In-state students pay $2,000 a term and respond according to the following demand equation: Qi = 25,000 - 3Ti Where Qi is in-state student enrollment and Ti is in-stat..
for an analysis of growth within or across countries the augmented solow model developed by mankiw et al 1992 is
The built-up timber beam is subjected to a 1500-lb vertical shear. Knowing that the longitudinal spacing of the nails is s = 2.5 in. and that each nail is 3.5 in. long, determine the shearing force in each nail
Suppose the government imposes a tax of $4 on beverage B, and the price increases by the amount of the tax. How will the consumer respond?
Give some examples of scope limitations. What should an auditor do if a limitation on scope is imposed by circumstances beyond the client's control?
What do you think are its most important strengths and weaknesses? What are the strategies being discussed to address the problem of child labor? What are the strengths and weaknesses of these approaches?
A needy family of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline.
Calculate the present value of each plan's payments if interest rates are 10%. Should you choose Plan A or Plan B?
Here once again is the basic data on revenue and costs for each firm when Acme U.S. makes and sells a car. The table shows the initial price that Acme U.S. pays Acme Mexico, $3,000 per engine. In some problems, you will be asked to consider how thi..
Assume Nail Mania advertises in the local newspaper. Each day it advertises costs $100. Over the past several months, Nail Mania has conducted market research and developed the following information Number of days advertised per week Number of cust..
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