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5. Consider Ajax company Ltd with an amount of $2400 to spend on two inputs, labour (L) and capital (K). the cost of labour and capital are $4 and $3 per unit respectively. If the firm production function takes the form Q = 2L0 .5K0 .5
a. Derive the demand function for labour and capital.
b. What quantities of labour and capital should the firm buy in order to maximize output?
effect of covid-19 lockdown on population growth and increase in new born babies in developing nation like nigeria
- Which one of the following statements about control is correct? A. Only managers at top level are involved in the control process.
- B. Control influences the first step in the management process (planning).
- C. Control procedures are only necessary in large bureaucratic organisations.
- D. Control is the third component of the management process.
- Which one of the following statements about control is correct? A. Only managers at top level are involved in the control process.
- B. Control influences the first step in the management process (planning).
- C. Control procedures are only necessary in large bureaucratic organisations.
- D. Control is the third component of the management process.
3. In each of the following scenarios, which type of unemployment would change (if any) and in what direction? Which of these scenarios would be most likely to reduce frictional unemployment?
A. The government eliminates the minimum wage.
B. The government increases unemployment insurance benefits.
C. A new law bans labor unions.
D. More workers post their resumes at Monster.com, and more employers use Monster.com to find suitable workers to hire.
E. Sectoral shifts become more frequent
1) Computing labor force statistics:
Adult population of the U.S. by group, 2019
# of employed 151.1 million
# of unemployed 7.8 million
not in labor force 94.5 million
1. Based on the above table, compute the labor force, u-rate, adult population, and labor force participation rate. Evaluating “U” measure:
2. In each of the following, what happens to the u-rate? Does the u-rate give an accurate impression of what’s happening in the labor market?
A. Sue lost her job and begins looking for a new one.
B. Jon, a steelworker who has been out of work since his mill closed last year, becomes discouraged and gives up looking for work.
C. Sam, the sole earner in his family of 5, just lost his $80,000 job as a research scientist. Immediately, he takes a part-time job at McDonald’s until he can find another job in his field. Natural unemployment:
1) You work for Bellevue Window Products. While
performing an analysis for a new window product,
you found a report from last year that provided
the following information regarding the
manufacture of a similar product: annual production
rate = 40,000 units; selling price = $70 per
unit; fixed production cost = $240,000 per year;
variable production cost = $1,700,000 per year;
variable selling expenses = $96,000 per year. As
a first-cut, you decide to use this information to
estimate (a) the breakeven production rate per
year, (b) the company’s profit last year, and (c)
the annual production rate that would generate a
profit of $1,000,000 per year. What are your
estimates?
1) Online MBA programs significantly reduce the cost to existing managers of obtaining an MBA, as they permit students to maintain their existing residence and employment while working toward an advanced degree in business. Based on your knowledge of the economics of information and student characteristics, compare and contrast the likely characteristics of students enrolled in traditional MBA programs with those enrolled in online MBA programs, and discuss how potential employers might use information about where a candidate obtained his or her MBA degree to screen potential MBA job applicants.
