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Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references. Minimum word count of 175 words per question. 1) What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions? Provide an example from your workplace. 2) At a restaurant such as McDonald's the marginal productivity of an additional worker can be zero. A person that just comes in and punches the clock and adds nothing to output, since he or she stands around waiting for customers to come in.
What about when the restaurant is busy? Is the marginal product of labor still zero? 3) Why is the demand of labor a derived demand? What is the relationship between productivity and the wages earned by employees where you work or at an organization with which you are familiar? What are some factors that determine the level of your income? Explain your answer. 4) what would be another recommendation you could give a small business owner that makes sense at the micro level but would harm the broader economy if it is applied by a large number of businesses?
Howard Bowen is a large cotton farmer. The land and machinery he owns has a current market value of $4,000,000. Bowen owes his local bank $3,000,000. Last year Bowen sold $5,000,000 worth of cotton. His variable operating costs were $4,500,000 and..
Macromedia is a relatively new company that offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the activity that the instructor is presenting. To introduce themselves to ..
Suppose that there are two countries, X and Y, that differ in both their rates of investment and their population growth rates. In country X, investment is 20% of GDP, and the population grows at 0% per year. In country Y, investment is 5% of GDP,..
Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns' power company has a monopoly for providing electricity in Springfield. His costs of upkeep are so high that he is consistently losing m..
(b) If the person accepted the terms of the loan on Oct. 1, 2008 (the first payment was due November 1, 2008), what is the balance of the loan at the end of 2010 (c) How much was the total interest payment in 2010 that can be used for tax deduction..
Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie's Farms is the on..
To demonstrate that a utility function that is a monotonic transformation of another utility function gives that same first-order conditions and hence the same demand functions, multiply the utility function U = U(X,Y) by a constant
A woman makes an investment every 3 months at a nominal annual interest rate of 28%, compounded quarterly. Her first investment was $100, followed by investments increasing $20 each 3 months.
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
Create an inverse demand of P = a - bQ, inverse demand of P = 11 - 2Q. a) Calculate the marginal revenue (MR). b) Find the quantity and price which maximize profits when marginal cost is zero (round off to two decimal places for any number that is ..
Suppose it is known that 45% of the population are Coalition voters, 45% are ALP voters, and 10% vote for Greens.
a. find the optimal quantity and the price for the firm. b. Now suppose that demand changes to P = 110 - 3Q. Find the new optimal price and quantity. Has there been an increase or decrease in demand. Explain.
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