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A firm has fixed costs of $4,000. Its short-run production function is y = 4 , where x is the amount of variable factor it uses. The price of the variable factor is $4,000 per unit. Where y is the a
Write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used.
African countries, such as Botswana. Describe the effects of HIV/AIDS on the economies of these countries. Make sure you discuss the sources of economic growth and the use of scarce resources.
Marginal revenue product equals:
The fact that the cross-price elasticity of natural gas with respect to the price of fuel oil is 0.4 implies that
Appalachian Coal Mining believes that it can increase labor productivity and, therefore, net revenue by reducing air pollution in its mines. It estimates that the marginal cost function for reducing
Estimate how much the money supply will increase in response to a new cash deposit of $500 by completing the accompanying table.
Based on the the US department of justice merger guidelines, do you think the Justice Department is likely to challenge the proposed merger?
At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue current an output level of 1,000units. What is the firm's current profit? what is likely to occur
We know that many companies have management training programs in which new trainees are paid relatively high starting salaries and are not expected to make substantial contribution to the company un
Most economists agree that the immediate determinant of the volume of output and employment is the:
Which ones are required to fight inflation? What are some of the downside risks and potential problems involved when using fiscal policy?
If diamonds are produced by perfectly competitive firms, what quantity of diamonds will be produced? How much profit will the perfectly competitive firms earn? If diamonds are produced by a single mon
Find the (Nash) equilibrium prices of the procedures at the hospital. After the merger, find the profit maximizing monopoly prices of the procedure at each hospital. Does the merger result in price in
Summarize the four variables using graphical and statistical measures. Discuss the results. Use scatter diagrams to show the relationship between total gross sales and each of the other three variab
Which of the following arguments is the president using to justify the trade restriction on ball bearings?
How much money does Nancy spend each month on perfume and spring water? Illustrate Nancy's monthly expenditures on the demand curve figures.
Why might one person work more earn more and pay more income tax when his or her rate is cut while another person will work for less earn less and pay less income tax under the same circumstance?
Is a monopoly always the best market structure for maximizing shareholder wealth? Why or why not? Can you think of conditions under which perfect competition would be preferable?
Suppose the Clean Springs Water Company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean-Springs' profit-maximizing levels of out
Both antitrust policy and industrial regulation deal with monopoly. What distinguishes the two approaches? How does the government decide to use one form of remedy rather than the other?
If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, what would the long-run market supply curve for that go
A 110,000 chemical plant had an estimated life of 6 years and a projected scrap value of 10000. After 3 years of operation an explosion made it a total loss. How much money would have to be raised t
Explain the nature of competition in a market that is characterized by a high barrier to entry and a significant product homogeneity
Explain the decline in deficits and subsequent surpluses in the late 1990's. Explain the return to deficit spending since the turn of the century.