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Suppose a chair manufacturer finds that the marginal rate of technical substitution of capital for labor in his production process is substantially greater than the ratio of the rental rate on machinery to the wage rate for assembly-line labor. How should he alter his use of capital and labor to minimize the cost of production? Why are isocost lines straight lines? Assume the marginal cost of production is increasing. Can you determine whether the average variable cost is increasing or decreasing? Explain. Assume the marginal cost of production is greater than the average variable cost. Can you determine whether the average variable cost is increasing or decreasing? Explain. If the firm's average cost curves are U-shaped, why does its average variable cost curve achieve its minimum at a lower level of output than the average total cost curve?
Name at least two legislations to prevent monopolization of businesses
Monthly deposits are made into an account paying 6% nominal interest compounded monthly. If the objective of these deposits is to accumulate $100,000 by the end of the 5th yr, what is the amount of each deposit?
determine optimal consumer buying decisions in the context of utility theory. compare and contrast optimal pricising and output decisions in various market structures. apply supply and demand theory to both prodcut and factor markets.
a firm produces three products-leather cardboard and string-denoted and respectively. the corresponding total revenue
What is the graph of the production possibilities frontiers for the American and Japanese economies if American worker can produce 10 tons of grain a year and Japanese worker can produce 5 tons a year?
If good X is normal and good Y is inferior, following a loss of income: The consumer's utility will be unchanged.
the firm currently uses 50000 workers to produce 200000 units of output per day. the daily wage per worker is 80 and
use the following information to answer the questions below.nbsp assume that as per the normal assumptions of the
why is it so certain that price elasticity will cause those prices to return to levels they were at instead of staying lower based on the new technology?
Suppose the federal reserve adopts a policy of complete transparency; that is, suppose it announced beforehand how it will change the money supply. According to rational expectations theory, how will this policy affect the Fed's ability to move the r..
consumer surplus represents the difference between what a consumer is willing to pay for a good or service and the
consider the following game there are 5 pirates on a boat conveniently named p1 p2 p3 p4 and p5. these 5 pirates have
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