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The market price of the product is $10 per unit and the market wage rate is $8.
Labor employed 4, total product 17
labor employed 5, total product 20
labor employed 6, total product 25
labor employed 7, total product 28
labor employed 8, total product 30
1. The marginal product of labor is the highest when the firm hires_____workers.
2. What is the value of the marginal product of labor when the firm hires 7 workers?
The RX Drug company has just purchased a capsulating machine for $76,000 the plant engineer estimates the machine has a useful life of 5 years and no salvage value. Compute the depreciation schedule using: a) Straight-line depreciation b) Double d..
Calculate the market demand. Assume that the market price for the good is $4 due to perfectly elastic industry supply. Using the market demand function, calculate the total consumers surplus. Calculate the total consumers surplus using individual ..
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability What is the expected v..
According to the United States informationfor 1965-IQ to 1983-IQ (n=76), James and Adibi obtained the folowwing regression to explain personal consumption expenditure in the United States
you can invest in a project with returns that depend on the amount of your investment. Specifically, the formula relating next year's payoff to your investment today is C1=(-C0 -0.1)^(1/2), c1 c2 are in million dollars.
Fit a multiple regression model of y on x1 and x2. Fit two simple linear regressions: (I) y on x1; (II) y on x2. Compare the results of multiple regression analysis with each of simple linear regressions.
Find the firm's marginal production function exhibit diminishing marginal returns to labor? explain b. Capital is r=$5 per unit and that labor costs w=$20 per unit. What is the cost of producing q=100 units of K and 100 units of L? c. What is the m..
The supply curve for product X is given by QXS = -340 + 10PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?
Gold Trackers watching the value of precious metals and has daily information on prices and sales of gold for the last many years.
sales 1990 116 1991 105 1992 29 1993 59 1994 108 1995 94 1996 27 1997 119 1998 34 1999 34 2000 48 2..
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
Discuss the difference between real GDP and nominal GDP and does GDP accurately reflect our country's productivity?
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