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1. Graph a short-run production function, and the marginal and average products of that function. Label the stages of the function. Make sure your graph and stages show the correct relationships between MP, AP, and the stages. 2. A clothing store is considering implementing a job training program for temporaryworkers during the holiday rush, in a perfectly competitive labor market:MRPUntrained $100/dayDuring training $20/dayTrained $150/dayTraining lasts for 2 weeks (5 work days/week), and workers would remain employedfor 6 more weeks after training is over. (a) Suppose that this training involves learning to use the cash register, properly folding clothes, and basic customer service. Who would benet from this training, the workers or the rm? Would that party choose to implement the training program, or not? If it were implemented, what would worker pay be during each period (before, during, and after training)? (b) Now suppose the training involves learning the specic policies of the company and more about their specic clothing lines. In this case, which party would benet from the training? Would it be implemented? And what would worker pay be during each period?
Provide three examples of organizations that show how Friedman's admonition, above, if taken literally, could be used to legitimate otherwise unethical behavior.
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200. What is profit.
The prices of five computer stocks increased by 37.2 percent, 1,140.0 percent, 2.7 percent, 842.0 percent and 0.95 percent, respectively since 1990.
Briefly explain why the tuition increase's impact on universit5r revenue would be different if Washburn's 3o4 increase coincided with a 3olo increase at all other universities versus if Washburn's 3%o increase coincided with other universities
Suppose that the production function is Y= 9K^0.5 N^0.5 With this production function, the marginal product of labor is MPN= 4.5K^0.5 N^-0.5. The capital stock is K= 25. The labor supply curve is NS= 100(1-t)w]^2, where w is the real wage rate, t ..
The distance from a student's house to campus is a uniformly distributed random variable that ranges between 15 and 75 minutes. What is the probability that the distance from house to school will be between 20 and 40 minutes
A study of costs of electricity generation for a sample of 56 British firms in the 1946-1947 yielded the following long-run cost function: AVC = 1.24 +.0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2 Where AVC = average variable cost (i.e., work..
Assume that Mamma's produces frozen pizzas in a competitive market and it knows how to maximize profit. It's marginal and average total costs are shown in the curve to the right. a) Suppose that other pizza producers are selling their product at $5..
in the spring 2008, Senators John McCain and Hillary Clinton proposed a temporary elimination of the federal gasoline tax, effective only during summer of 2008, in order to help consumers deal with high gasoline price. what does this fact suggest ..
Consider an economy with just one technique available for the production of each good. Supposing labor equals 100 and land equals 150, write and sketch the production possibility frontier. (Hint: What are the intercepts of the production possibilit..
determine the new equilibrium price and quanity reproduce the graph tha u drew for question 4 and label oringinaldemand and supply schedules and labal oringinal equilibium priceand quanity.
Suppose 1 year Treasury-bills were currently yielding 5.5%. Also suppose that a bank estimated that a particular loan applicant had a 30% chance of defaulting on a one year loan and that in the event of default the bank would recover only 25% of i..
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