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Denson Company had been employing 6 workers and 8 tons of raw materials, using 2,000 square feet of plant space. The firm increased its work force to 12 workers utilizing 16 tons of raw materials in a plant space increased to 4,000 square feet. Total number of units of output increased from 78 to 160. What kind of returns to scale is the firm experiencing? Defend your answer.
Do vending machines conserve on any possessions other than labor. Does your answer offer any additional insight into the widespread utilize of vending machines in Japan.
Because you are not an expert yet on analyzing costs and optimal production levels, you decide to do a very simple analysis of your short-run fixed and variable costs if you expand.
Suppose a particular labour market were in market-clearing equilibrium. What could happen to cause equilibrium wage to fall. If all money wages rose with inflation each year, how would real wages in this market adjust.
Intel is a monopolist manufacturing computer chips with a competitive fringe of firms that act as price takers of the price Intel sets. The market willingness to pay for the P80 chip is given by p = 400 - Q, with p in dollars per chip and Q in thousa..
The income tax is unfair to those who work hard to earn their incomes is an example of positive economic analysis.
Is the natural rate of unemployment fixed? Why or why not? How are full employment and the natural rate of unemployment related?
A large electronics company is organized into mainly profit-center divisions. The components division and the consumer electronics division are profit-center divisions of the company. The components division produces individual chips and other electr..
Consider the following simple model with investment and government spending exogenous:
Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to w=7 and r=7. Can we ..
Consider a game between a parent and a child. The child can choose to be good (G) or bad (B); the parent can punish the child (P) or not (N). The child gets enjoyment worth a 1 from bad behavior, but hurt worth -2 from punishment. Thus a child who be..
If the reserve requirement is 20% and Lindsay deposits $200 into her checking account, calculate the change in her bank’s required reserves. Show your work.
Compare and contrast the difference between dynamic (intertemporal) efficiency and static efficiency with respect to non-renewable resources. What are the efficiency conditions for each? What costs reflected in the inter-temporal analysis are not cap..
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