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1. Each extra worker produces an extra unit of output up to six workers. After six, no additional output is produced. Draw the total product, average product of labor, and marginal product of labor curves.
2. Why might we expect the law of diminishing marginal product to hold?
Can you figure out the exact cutoff for the interest rate between profitability and nonprofitability 2. According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for $24.00 . If they had invested this amount ay an ..
100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es 51.0). So how many popsicles will be sold each day in the short run if th..
You have recently moved to Hanscom AFB MA and need to make a decision between living in base housing or buying a home in the local market. Compare the following costs and benefits on an annual basis.
You have a credit card balance of $15,000 which you plan to repayin 4 monthly payments. You plan to use the following repaymentschedule: Month 1 pay interest due Month 2 pay interest due + one-half the original balance
For Nebraska the opportunity cost of producing 1 bushel of corn is 3 bushels of wheat. At present, Iowa produces 20 million bushels of wheat and 120 million bushels of corn, while Nebraska produces 20 million bushels of corn and 120 million bushel..
Solve for an expression for the change in equilibrium GDP for anincrease in government expenditures equal to ΔG when taxes are held constant. An algebraic version of the simple model of the economy is: C = c0 + c1 Yd
Did you get the same years for both (c) and (b)? If you didn't, what accounts for the difference?
What is the mean number of blank pixels per square foot? What is the standard deviation of blank pixels per square foot? What is the probability that a 2 ft by 3 ft screen will have at least one defect?
What are the principal sources of government revenues in developing countries? Why are many taxes so difficult to collect? Discuss. In what ways do you think taxation and expenditure systems in developing countries could be improved? Be specific.
Participants were then asked to rate the degree to which they liked the taste of the juice. What statistical procedures are suitable for analyzing these data? What test would she use if she wanted a distribution-free test? (Note: She found the eff..
Derive the law of motion of capital per worker and draw the graph of the law of motion of capital per worker, and indicate the steady state.
Assume the wage is $8. Complete the following table: Workers Total Product Marginal Product of Labor Price Marginal Revenue Product (MRP) 1 17 2 2 31 2 3 43 2 4 53 2 5 60 2 6 65 2 What are the two effects of a price change
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