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a. What is the marginal product of the sixth worker b. If, when the price of asparagus increases to $3 a box, the farm hires eight workers, what is the marginal product of the eighth worker
The kinked demand curve in a duopoly market is defined by two equations P1 = 10.0.75 * Q P2 = 16-2 * Q Determine the price and quantity at the kink of demand curve. Using the equation provide calculat
When it is 105 degrees outside and you get thirsty, how much you willing to pay for a 16-ounce bottle of water. If the price is $1.50 per bottle, do you have a consumer surplus or is there a produce
a. Suppose Henry discounts future costs and benefits at 9% per year. Calculate the present discounted value (cost) of each of Henry's options. b. Find the monthly discount rate (i.e., personal inter
Firm 1 and 2 produce differentiated products. If firm 1 sets price at p1 and firm 2 sets its price at p2, then firm 1 sells Q1(p1,p2) units of output and firm 2 sells Q2(p1,p2) units, where Q1(p1,p2
Consider the short-run situation of a market with three identical firms producing homogeneous outputs. Each firm's total cost function is C(q) = (1/2)q2, where q 0 is a possible output. Market deman
Wilma bought a 10-year $1000 bond when the interest rate was 5% per year. So her bond would provide her with $50 at the end of each of ten successive years; and the $1000 is also returned at the end
Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion. (a) If these economists ignore the possibility of cro
Haskel, J.E., Pereira, S.C. & Slaughter, M.J. (2007) ‘Does inward foreign direct investment boost the productivity of domestic firms Analyse and evaluate the argument presented in the
(Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these d
The inventory turnover for the Lambkin Company was 8 times and its days' sales in receivables were 55. The average payables deferral period (or turnover) was 7.5. What is the cash cycle for Lambkin
a.Calculate the marginal revenue product for each add. unit of labor of output sell $3 b. draw the damand curve for labor based on above data and the $3 per unit product price c. wage rate is 15 per h
in the keynesian cross, the consumption function is c=200+0.75(Y-T). planned investment is 100, govt purchase and tax are both 100. a)graph planned expenditure as a function of income. b)what's the e
Wholesalers can buy roses at auction in aalsmeet, holland for $125 per container. a. Without international trade, what would be the price of a container of roses and how many containers of roses a y
Suppose that now the market is monopolized (e.g. a cartel is formed that determines the price and output as a monopolist would and allocates production equally to each member). Draw a figure showing
Josh Ritchey has just been hired as a cost engineer by a large airlines company. Josh's first idea is to quit giving complimentary cocktails, wine, and beer to the international flying public. He ca
a. Warner is selling in a perfectly competitive market at a price of $40. What is the profit maximizing or loss-minimizing output b. Calculate the firm's profit or loss. Show computation. c. Should t
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countri
C) What price will buyers pay after the tax is imposed D) What is the deadweight loss created by the tax E) What is the quantity of the good that will be sold after the tax is imposed
Suppose a monopolist faces the following demand curve: P = 90 - 2Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. A) What is the monopolist's profit maximizin
(Substitution and Income Effects) Suppose that the substitution effect of an increase in the wage rate exactly offsets the income effect as the hourly wage increases from $12 to $13. What would the
A monopolist with marginal cost c faces inverse demand function P(Q) = A- BQ, where 0 < c = A and B > 0. a. Calculate the competitive level of output. b. Calculate the monopoly price and output.
Ferdinand Sludge has just written a disgusting new book, The Piggery. His publisher, Graw McSwill, estimates that the demand for this book in the United States is Q1 = 50,000 - 2,000P1, where P1 is
Commuters from the West Bank, across from New Orleans, are identical. They have two routes from the West Bank to Uptown, either over the Crescent City Connection (C) or over the Huey P. Long Bridge