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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 - L2. MPL = 100 - 2L where Q is the number of apples produced in a day, L is 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 markets labor demand? b) Ectenia has 200 workers who supply their labor in elastically. 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?
There was not a needy person among them, for as many as owned lands or houses sold them and brought the proceeds of what was sold. They laid it at the apostles’ feet, and it was distributed to each as any had need
Identify four policies the government enacted following the financial crisis. Evaluate what effect these policies would have on the economy from both a short-run and a long-run perspective. Be sure to include: The distinction between the short-run an..
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Illustrate what is the constant term if the equation for the demand curve is written in the form.
Quality in medical care may be defined as achieving the greatest benefit at the lowest risk. How have the priorities of our health care system and the allocation of resources addressed this goal?
Lisa plans to retire on her 61st birthday. On her 22nd birthday, Lisa will start savin $A per year for 40 years. Starting on her 62nd birthday, Lisa plans on withdrawing $10000 and will continue these annual with drawls until the account is exhausted..
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
President says that wages probably should be cut so that workers could not afford to miss so much work. Evaluate two views utilizing income and substitution effects in your analysis.
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In economics, the term "shutdown point" refers to the point where the
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