Michelin Corporation, a French firm located in Nova Scotla produces automobile tires and has the following output data. Assume that Michelin Corporation is in the short-run and thus all factors of production, except labour are fixed. Based on these data and assumption, answer the following question. Number of Units of Workers Output 30 70 3 122 4 165 5 190 210 The marginal product of the fifth worker is

Michelin Corporation, a French firm located in Nova Scotla produces automobile tires and has the following output data. Assume that Michelin Corporation is in the short-run and thus all factors of production, except labour are fixed. Based on these data and assumption, answer the following question. Number of Units of Workers Output 30 70 3 122 4 165 5 190 210 The marginal product of the fifth worker is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Springfield is a small town with a total civilian population of 800. Of this population, 125 are under the age of 16. Of the population 16 and over, there are 350 working full-time and another 50 working part-time. Of the remaining adult population, 30 people recently quit their jobs in order to look for better employment. Finally, there are 40 full-time students (not working), 180 retired and another 25 stay-at-home spouses.
The Great Recession of 2007-2009 hit young people particularly hard, with long-lasting effects. The U.S. unemployment rate for 20- to 24-year-olds went from 8.5% in 2007 to 16% in 2009, stayed above 13% through 2012, but fell to 7% by the first half of 2018. As a result, more adult children moved back to live with their parents or asked for financial help than in previous years. The share of 25- to 34-year-olds living in multigenerational households rose from 11% in 1980 to 15% in 2016. A recent survey finds that 41% of parents provide financial support to their 23- to 28-year-old offspring. Indeed, parents give 10% of their income on average to their adult children. Mimi wants to support her son Jeff if he looks for work but not otherwise. Jeff (unlike most young people) wants to try to find a job only if his mother will not support his life of indolence. Mimi and Jeff's payoff matrix is illustrated in the figure to the right. If Jeff and Mimi choose actions simultaneously, what are…
a) For each, find the expressions for marginal utilities and the marginal rate of substitution, and determine whether monotonicity and convexity are met.
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Compute the R² using the following information. What does this number mean? Wage = 4.43 +0.61Edu + e n = 1089, SST = 37211.6, SSE 37211.6, SSE 19848.2 R² = = = 0.4666. 46.66% of the variation in wage can be explained by education. R² = 0.5334. 53.34% of the variation in wage can be explained by education. R² = 0.61.61% of the variation in wage can be - explained by education. R² = 0.3043. 30.43% of the variation in wage can be explained by education.
A merchant who sells newspapers and magazines at the corner kiosk heard you manage the Times’ inventory and asks for your advice. She has a small, variable number of customers who daily purchase the Chicago Sun Times. In order to get the newspapers in time, she has to place an order for the next day’s newspapers before noon. She pays $0.50 for each newspaper and sells them for $1.50 each. She has kept detailed records of her past sales of the Chicago Sun Times and estimates that 10% of the time she sells 10 newspapers, 40% of the time she sells 11, 30% of the time she sells 12, and 20% of the time she sells 13. (a) What is the merchant’s marginal profit and marginal loss? (b) Determine how many Chicago Sun Times newspapers she should buy every day to maximize expected profits. (c) Calculate the merchant’s expected profits for the optimal order quantity. (d) The merchant has always purchased 13 newspapers, thinking that the best way to maximize profits was to always meet the demand.…
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Find the price and income elasticity of demand for the following demand functions at the given point on demand.