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If two perfect complements a keyboard and computer are being considered and the price of only the keyboard increases then the substitute effect of the price change will be
What is normative statement
Each group may choose to study and analyze one of the following primary markets in Malaysia.
(1) Palm Oil market(2) Egg market (3) Passenger car market
Use the past 10 years annual data collected for your chosen market/industry to answer the following questions:(a) Briefly describe the general background of the industry. (b) List out industrial production and labor employed over the last ten years. (c) Compute the labor productivity of the industry over the last 10 years. (Note: Labor productivity = Total output / Total labor employed)
(h) Do you think firms in this market exercise considerable controlling power?
Given the Following output schedule of a firm, calculate its marginal cost at different levels of output.
Units of Fixed Input-2
Units of Variable input - 0,1,2,3,4,5
Total output-0,10,25,50,65,70
Further, the price of fixed input is Rs. 200 per unit. And the price of a variable input is Rs. 100 per unit.
In the labour market, workers would like to receive higher wages and firms would like to pay lower
wages.
a. Suppose that workers succeed in having a minimum wage established above the equilibrium
wage. What will happen to the number of workers employed when compared to the original
equilibrium?
b. Suppose that firms succeed in having a maximum wage established below the equilibrium wage.
What will happen to the number of workers employed compared to the original equilibrium?
c. What wage maximizes the number of workers employed? Why?
For each of the following events, describe in words what happens to the supply, demand, quantity
supplied, and quantity demanded in the market for new cars.
a. The Raju Auto workers get a large raise.
b. A new technology is introduced in the factory.
c. The government subsidizes bus tickets resulting in a large reduction in the cost of a bus ticket.
d. Real incomes grow and new cars are a normal good.
e. There is machinery break down in the industry.
In the labour market, workers would like to receive higher wages and firms would like to pay lower
wages.
a. Suppose that workers succeed in having a minimum wage established above the equilibrium
wage. What will happen to the number of workers employed when compared to the original
equilibrium?
b. Suppose that firms succeed in having a maximum wage established below the equilibrium wage.
What will happen to the number of workers employed compared to the original equilibrium?
c. What wage maximizes the number of workers employed? Why?
Given the Following output schedule of a firm, calculate its marginal cost at different levels of output.
Units of Fixed Input-2
Units of Variable input - 0,1,2,3,4,5
Total output-0,10,25,50,65,70
Further, the price of fixed input is Rs. 200 per unit. And the price of a variable input is Rs. 100 per unit.
Janice has decided to upgrade her security system at home. She hears that ADT offers more technologically advanced alarms than its competitor Beyers and at a lower subscription price. After speaking to her friends, she discovers that they all use Beyers. They agree that ADT’s alarm is more appealing but state that the add-on service and patrols provided by Beyers served as a drawcard. Janice thus chooses Beyers. Can you explain her decision?
The cost of producing 60 small fiberglass sailboats per year, and the cost of producing sails and fittings necessary to make the boats seaworthy in a single plant, are together R780,000. If produced in separate plants, the boats would cost R540,000, and the sails and fittings would cost R180,000. From this information, what can be learned about (1) economies of scale and (2) economies of scope in the production of sailboats, sails, and fittings? Perform any necessary calculations and explain.
