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A toy manufacturer makes output according to the production function:
where n is the number of workers employed by the firm, O is a technological parameter and g the workers' effort cost parameter. Assume the firm is profit maximizing.
a) Assume the firm sells its products at a price p and pays its workers a fixed salary w. What is the optimal number of employees the firm should hire?
Define the shift in demand curve To put it differently, demand for a commodity means entire demand schedule that demonstrates the varying amounts of goods purchased at alternat
Explaination of the Marris Model
Question: (a) The regression results for the quantity demanded of good X is given by ln Q X = 1220 - 9.5 ln P X - 2.21 ln P Y + 1.01 ln M t values (5.3) (-5.1
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Cost of Unemployment Unemployment is a problem because it imposes costs on society and the individual. The cost of unemployment to a nation can be categorized under three hea
What is Cyert and March's behavior theory? What are the demerits.
Causes of the Nigeria recession
Disadvantages of Barter Trade It is impossible to barter unless A has what B wants, and A wants what B has. This is called double coincidence of wants and is difficult t
To eliminate competition and thereby secure higher prices, firms producing a specific product can come together and make monopoly agreements. These are called as industrial combina
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
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