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Ann owns a lawn-mowing company. She has 400 lawns she requires to cut every week. Her weekly revenue from these 400 lawns is $20,000. Given an 18-inch-deck push mower, a laborer can cut every lawn in two hours. Given a 60-inch-deck riding mower, a laborer can cut every lawn in 30 minutes. Labor is supplied inelastically at $5.00 per hour. Every laborer works eight hours a day and five days each week. a. If Ann decides to have her workers use push mowers, how many push mowers will Ann rent and how many workers will she hire?
b. If she decides to have her workers use riding mowers, how many riding mowers will Ann rent and how many workers will she hire?
c. Assume the weekly rental cost (including gas and maintenance) for each push mower is $240 and for each riding mower is $ 1,800. What equipment will Ann rent? How many workers will she employ? How much profit will she earn?
Country A has a fixed exchange rate with country B. Due to a recession in country B, demand for A's goods falls. Draw what would happen on the graph below. On the graphs, draw what
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What limitations are inherent in the economist’s view of pricing?
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encrimetal concepts
1
It is presumed that every of the different combinations of capital and labour displayed in Table produces the same level of output, which is, 20 units. Combinations are such that i
Using Total Expenditure for Calculating National Income The expenditure approach centres on the components of final demand which generate production. It thus measures GDP
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
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