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Suppose that there are two types of workers: "Quicks" and "Slows". Quicks can earn $36 per hour in alternative employment, while Slows can earn $20. Quicks can produce 20 widgets per hour, while Slows can produce 8 widgets per hour. which is the best type of worker for the firm to hire?
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Determine whether a permanent increase in the size of the labor force and an improvement in technology, other things held constant, would lead to an increase, a decrease, or no change in long-run aggregate supply
1.Under what circumstances might a tax reduction be associated with a long-run increases in real national income and a long-run reduction in the price level.
Current Values and Ethics Article
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
What will you put on sale in your district during the Valentine's Day week? You must provide your reasons and
The forecasted demand for fudge for the next four months is 140, 160, 90, and 70 pounds. What is the recommended production rate if the level strategy is adopted with no back orders or stockouts
Using a graph, introduce a tax on alcoholic drinks in the market. How does this affect the individual firm, and the rest of the monopoly market? Differentiate between the long and short-run.Show this on a graph and explain
Output maximisation and cost minimisation
Elasticity of demand is a measure of the responsiveness of to changes in price. Over time the elasticity of supply for a particular good or service tends to become A tax on a service that has a relatively elastic demand and a relatively inelastic s..
Write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea (village) of a developing country of your choice.
You appoint an intern from Southern University to help you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3Q2.
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