How the equilibrum wage rate is determined and also how it changes, and what causes it to change.

How to calculate the marginal revenue product?

What is the principle of the diminishing marginal rate of substitution and how does it work?

5. (Ch. 17 # 5) Sparkle is one firm of many in the market for toothpaste, which is in long-run equilibrium. a. Draw a diagram showing Sparkle demand curve, marginal revenue curve, average cost curve, and marginal cost curve. Label Sparkle profit-maximizing output and price. b. What...

Answer the next Question(s) on the basis of the following Census data.

All else equal, the demand for labor will be most elastic when labor and capital are: A) highly substitutable and product demand is elastic B) highly substitutable and product demand is inelastic C) not easily substituted and product demand is elastic D) not easily substituted and product...

3. (28 points) Suppose there are two firms operating in a market. The firms produce identical products, and the total cost for each firm is given by C = 3qi, i = 1,2, where qi is the quantity of output produced by firm i. Therefore the marginal cost for each firm is constant at MC = 3. Also,...

4. (28 points) Suppose a monopolist faces the following demand curve: P = 180 4Q. Also, the long run total cost of the monopolist is given by 40Q +1.5Q2. Therefore, long run marginal cost is 40 + 3Q. A) What is the monopolist s profit maximizing level of output?...

A U.S. company outsources its production to a plant in Mexico. the workers earn 60 pesos per hour. At that time the exchange rate was R = 15 pesos per dollar. suppose the exchange rate becomes R=10. a) what has happened to the value of the dollar? b) what are the comapny's hourly...

what good is directly counted in GDP