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2. The production function for Our Production is Q = 50L - 0.1L2; where Q is output and L man-hours. a) What level of man-hours will maximize total output? b) Calculate the marginal product for the following levels of man-hours: 50, 100, 150; 200; 250 and 300. Comment on the results. (
while bob was walking in the park he found a 100 bill. not finding the owner he decided to deposit it in his checking
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit, so each hour away from work is 80 dollars in lost..
Use the demand and supply analysis to explain how higher price of corn impact the market for Ethanol (a motor fuel manufactured from corn and can be used to power the engines of many Automobiles).
evaluate the megatrend of demographics in the it field. give your opinion as to why it managers must understand this
in the textbook there are two circular flow diagrams one that represents the flows in the macro-economy as a closed
Suppose the airline industry consisted of only two firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Assume that the demand curve for the industry is given by P = 100- Q and that each firm expects the ot..
economies of scale or increasing returns to scale dis-economies of scale or decreasing returns to scale and constant
Employ the following information on hypothetical short-run production function to answer questions a-d. Compute the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically.
Suppose that the demand for gasoline is given as P = 3.6-0.002Q where P is the price of gasoline in $ per litre and Q is liters of gasoline per day. If you know that current price of gasoline is $1.3,
This is a very random question in my opinion. In many amusement parks, you pay an admission fee to the park but you do not need to pay for individual rides. How do people choose which rides to go on
write a report based on the podcasts & the news article in the text and a critique as well (do you agree with Mankiw's view that "Consenting adults should be able to make economic trades
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
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