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1. What is the representative firm's goal?
2. Why is the marginal product of labor diminishing?
3. What are the effects on the production function of an increase in total factor productivity?
4. Explain why the marginal product of labor curve is the firm's labor demand curve.
Collect data on the tuition rates of your own college in the last twenty years and compare that increase to the overall rate of inflation using the CPI. What do you observe? Can you suggest some productivityenhancing measures?
The following table is the pay off matrix for zero sum game. Estimate the each players dominated strategy of the following zero sum game?
Explain the difference in profit levels between the differential pricing and uniform pricing cases. Hint: First calculate the point price elasticity of demand under the uniform price-output solution.
CrystalWater Pty Ltd and ClearWater Pty Ltd are the only producers of spring water in the local market. The market demand for spring water is given by P = 70 - Q1 - Q2. CrystalWater and ClearWater compete by choosing quantities Q1 and Q2
Suppose that this year's money supply is $50 billion, nominal GDP is $1 trillion, and real GDP is $500 billion. What is the price level What is the velocity of money
Suppose that a mutual fund has an annual rate of return that is normally distributed with a mean of 10% and a standard deviation of 4%. What is the probability that the annual return in a given year will be negative
Choose two firms from different industrial sectors, e.g. high tech computers, health, customer non durables, cyclical etc.
A firm's output is L(100 - L) when it uses L50 units of labor, and 2500 when it uses L> 50 units of labor. The price of output is 1. A union thatrepresents workers presents a wage demand (a nonnegative number w),which the firm either accepts or re..
How much extra profit does the firm earn when it pays labor as a monopsonist instead of paying the wage rate that would be observed in a perfectly competitive market?
If you continue with the example of Problem 1, which country has an absolute advantage in wine? in wool? Which country has a comparative advantage in wine? in wool?
If consumer grows more stylish , it means that consumer would go for the branded products and his demand for the product would be less elastic. Hence there will rise in price and profits of firm
1. suppose there is an increase in supply rightward shift in supply. consider two graphs. in graph x demand is
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