Consider a firm in a perfectly competitive product market selling each unit of its product for $9. This firm has production function Q=10K1/4L 3/4 For this production function, the marginal (physical) product of capital is 2.5(L/K) 3/4 and the marginal (physical) product of labour is 7.5(K/L)1/4. A. In the short run, capital is fixed at K-4096, if the firm employs L=81 workers it can produce units of output. In order to produce 80 units of output in the short run this firm must use units of labour. . If the labour market has competitive wage $59, the firm will demand units of labour in the short-run. B. When L-81, the firm's marginal revenue product of labour is equal to assuming it is also perfectly competitive in the product industry. E. Suppose the union raises wages by $2. In this case %Aw= the firm to reduce employment by % (This percent value will be graded correct if it is within 0.1). Based on the new short-run quantity of labour demanded, the union can expect units of labour. Calculate the short-run elasticity of labour demand. Assuming labour is a normal input, the union should expect in the long run that the firm will

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6. At the local high school, one-fourth of the students are freshman, one-eighth are sopho- mores, 153 students are juniors, and two-fifth are seniors. How many students attend the local high school?

Com Steel

Shoes 05 O 0.5 2 30 What is pButter/pShoes? 1/5 150 Butter

C is 200 and Y is 1003 Find APS and APY

According to the Keynesian model of macroeconomic equilibrium, a decrease in aggregate demand Select one: O a. will cause the price level to fall substantially. O b. will cause an increase in aggregate supply that will restore full employment. O c. will not cause unemployment. O d. will not cause nominal wages to decline sufficiently to restore full employment.

‎‏(Corporate values) help a company determine A-how to behave with its employees , shareholders , and the wide • B- what is important for the company's reputation . C- where to sell its products or services . D- the types of products or services to offer .

why choose A?

apter 16 Problems LO ? eBook Refer the figure given below to answer the question. ¹2 Wage rate ($ per hour) 9 8 7 6 LD 5 Mc Graw Hill Type here to search 4 M 3 2 1 0 S₁ D 10 20 30 40 40 50 60 70 80 90 100 O ○ 발 Number of people employed (in millions) Tools 7 dropline 2 O **********