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Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1. Suppose labour is available to a firm at a cost of $12 per hour. Also, suppose that employing another hour of labour adds 3 units to output and any amount of output can be sold for $10 per unit. An additional hour of labour would add $ additional revenue to the firm's revenue. (Enter your response as a whole number.) 2. Consider the labour market for engineers, which is initially in equilibrium. Now, suppose discrimination excludes graduate students from the labour market for engineers. This will cause the A. supply of engineers to shift the left. O B. supply of engineers to shift the right. Oc. demand for engineers to shift the right. D. demand for engineers to shift the left. The discrimination against graduate students in the labour market for engineers also affects the labour market for construction workers. In this labour market as graduate students begin to seek work as construction workers, the O A. supply of construction workers will shift right. O B. demand for construction workers will shift right. OC. supply of construction workers will shift left. O D. demand for construction workers will shift left. 3. The diagram to the right shows the perfectly competitive market for steel. The demand curve shows the marginal benefit to society of consuming an extra unit of steel (MB). The supply curve shows the firms' marginal costs of producing an extra unit of steel (MCp)- 26- S= MCS 24- 22- Suppose that, as a byproduct to producing steel, harmful smoke is produced that pollutes the air that nearby residents breathe. Suppose that for each unit of steel produced, one unit of toxic air is also produced, imposing an extemal cost of $6, as illustrated in the graph to the right. 20- S=MCp 18- 16- With a negative externality, the free market will produce too much of the good. 14- 5 12 In this instance, the free market will produce units too many of steel. (Round your response to the nearest whole 10 number.) 8 6- D= MB Price of Steel (S)
Transcribed Image Text:1. Suppose labour is available to a firm at a cost of $12 per hour. Also, suppose that employing another hour of labour adds 3 units to output and any amount of output can be sold for $10 per unit. An additional hour of labour would add $ additional revenue to the firm's revenue. (Enter your response as a whole number.) 2. Consider the labour market for engineers, which is initially in equilibrium. Now, suppose discrimination excludes graduate students from the labour market for engineers. This will cause the A. supply of engineers to shift the left. O B. supply of engineers to shift the right. Oc. demand for engineers to shift the right. D. demand for engineers to shift the left. The discrimination against graduate students in the labour market for engineers also affects the labour market for construction workers. In this labour market as graduate students begin to seek work as construction workers, the O A. supply of construction workers will shift right. O B. demand for construction workers will shift right. OC. supply of construction workers will shift left. O D. demand for construction workers will shift left. 3. The diagram to the right shows the perfectly competitive market for steel. The demand curve shows the marginal benefit to society of consuming an extra unit of steel (MB). The supply curve shows the firms' marginal costs of producing an extra unit of steel (MCp)- 26- S= MCS 24- 22- Suppose that, as a byproduct to producing steel, harmful smoke is produced that pollutes the air that nearby residents breathe. Suppose that for each unit of steel produced, one unit of toxic air is also produced, imposing an extemal cost of $6, as illustrated in the graph to the right. 20- S=MCp 18- 16- With a negative externality, the free market will produce too much of the good. 14- 5 12 In this instance, the free market will produce units too many of steel. (Round your response to the nearest whole 10 number.) 8 6- D= MB Price of Steel (S)
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