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(a.) What is the marginal product of the second worker? (b.) What is the marginal revenue product of the fourth worker?
a) Define diminishing returns. b) Does the table indicate a situation of diminishing returns? Explain.
Why are there laws setting minimum wages for workers and maximum rents for housing?
What happens to the AFC per paper, the MC per paper and the minimum amount that you must charge to break even on these costs?
a. What is average variable cost? Show calculations b. What is marginal cost? Show calculations c. What is average total cost? Show calculations
What is her marginal product of labor at one, two, three, and four hours of work?
- What is the tolal accounting cost? - What is the total economic cost? - Explain why these are different in this way.
Compute the labor rate and efficiency variances for the month. Was paying workers the actual wage rather than standard wage an efficient strategy for Loring?
Compute the breakeven level for the following YoYo firm. The firm has overhead of $200,000.
Discuss the strategies used by the firm to differentiate itself and perhaps earn economic profits in the short run.
Explore randomized pricing and provide an example of how it is used. What are some constraints that may limit the ability of firms to use these techniques?
Create a graph of the predicted values for the two versions. Use the following syntax: twoway (line yhat_0 pcigs, sort) (line yhat_1 pcigs, sort).
As income transfer programs accompanying the War on Poverty increased beginning in the latter half of the 1960s, what happened to the poverty rate?
Some people argue that taxes exert little effect on people"s incentive to earn income. How might you minimize the personal effects of this tax?
If she accepts job, she will liable for employment taxes of $56 per month and lose transfer benefits. What is Sue's implicit marginal tax rate for this job?
What criteria do you think should be used to judge the fairness of the distribution of income? Is final outcome more important than the process that generates.
What must an entrepreneur do in order to introduce a new innovative product? What determines whether the new product will be a success or failure?
What is the shortsightedness effect? How does the shortsightedness effect influence the efficiency of public-sector action?
What are the necessary conditions for economic efficiency? In what four situations might a market fail to achieve ideal economic efficiency?
What are external costs? What is likely to be the relationship between the market output of a good and the output consistent with ideal economic efficiency?
If sellers of toasters were able to organize themselves, reduce their output, and raise their prices, how would economic efficiency be affected? Explain.
What impact will a meaningful price ceiling have on the quantity exchanged? What impact will a meaningful price floor have on the quantity exchanged? Explain.
Explain in your own words what is meant by external costs and external benefits. Why may market outcomes be less than ideal when externalities are present?
What are distinguishing characteristics of public goods? Give two examples of a public good. Why are public goods difficult for markets to allocate efficiently?
What is the nature of the deadweight loss accompanying taxes? Why is it often referred to as an excess burden?