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How many workers should Karen hire to reach the profit-maximizing level of output? Explain why she should hire that many workers. (5 Points)
With one worker, Karen would make 15 stethoscopes ($150), but pay $100 in wages, giving a profit margin
It was also able to make its product rare as “diamonds are forever”. The uniqueness of the product is one of the requirements for a firm to be considered a monopolist. This means that monopolist’s product should be scarce, rare, or unique in the sense that it has no close substitutes. This makes it possible for a monopolist to control the market.
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Nowadays the diets are rich in grains, fat, salt, sugar but it lacks nutritional content, and this will contribute to various diseases. In addition, as production increases from small scale to large scale, industrial factories are introduced which brings in the air, water and soil pollution and contamination.
This free trade can help the countries to develop as a nation as the goods can be exchanged freely. Trade is an important part of the world today and free trade has become a necessity for the developing nations. The reason for such a necessity arises because of the elevated levels of globalization in this world.
0 billion every month by which it expects to reduce the interest rates in the long run, encourage buying of other assets such as stocks and decrease dollar appreciation though the program directly aims at the housing sector which is on the verge of stabilization. However,
The Greek economy has been going through some tough years and it is now in so much debt that it needed an injection of finance from other Eurozone countries just to stop the Greek economy from going bust. (Lowen, 2012) It has been argued that the introduction of austerity packages is the right step forward to take the economy on road to recovery.
Before I chose to major in business, I had minimal knowledge of the marketability of my career in relation to the available opportunities. I had no information of the places where I would seek for employment. This was the most critical area since it could
For instance, In 1979 U.S. - China trade was $2 billion, which has since grown tremendously to $562 billion in 2013. Currently, China is the second largest trade partner, third-largest market for exports and the largest single source of imports
There has not been any official overall increase in wages since the late ’90s. This means that the economy of Japan has been facing a downhill trend for almost fifteen years. Companies like Toyota and Panasonic were on board with the idea with Toyota promising a point eight increase in overall salary which has had no change since 2008 (Tabuchi 1).
Unfortunately, the change that the motor vehicle industry has adopted has been of little use since accidents still happen on the roads; though there is a general decline of deadly accidents. Many factors can explain this strange phenomenon depending on the experiences of a country and its people on political, social and economic scopes.
The company had cash flow problems and the demand for its automobiles declined a lot during the recession. Prior to the governmental bailout the company was insolvent. It had
The industrious revolution was a period between the 16th and 18th centuries that led to the industrial revolution. The industrial uprising originated from the growth of the population in the European countries and the United States of America (English Online). The growth of the populace meant that there was a mounting demand for the essentials.
Taylor Swifts lyrics that reads “You should have thought twice before you let it all go./ You shouldve known that word bout what you did with” is actually an economic concept of
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Most of the mothers quit smoking in their pregnancy right after knowing that they are pregnant. Quitting smoking is important due to the reason that smoking can harm the baby. But many
The author states that in a monopoly market structure there is only one company with the power and control over the industry. Traditionally the utility industry has been categorized as a natural monopoly. Utilities create monopolies based on regional geographic considerations. In the European continent, there are lots of efforts underway to create energy.
The city in the early 2000s proposed to install an eco-charge to cover for costs related to environmental problems caused by tourists. The idea was, from the beginning, very controversial and raised many unanswered questions such are how to collect the charge, how to keep it local and how to stay competitive with other destinations.
The developing world presents a topical issue in the subject of economics considering the disparities evidenced in such countries. The objective of entirely all
Chris and Andrew are delivering the service of editing ads. For the company, it can get a comparative advantage if the person employed can deliver more edited ads than the other. The person will also bring a comparative advantage to the company if the clients that get access to the updated information are many.
The universality of the laws of supply and demand is interpreted by natural occurrences within the market and shortcomings that result from interruptions would yield inconsistencies and ideally affect the natural flow of market entities. Repealing the laws
Research in motion is a provider of mobile phone products. The services and products they provide mainly depend on their relevance to the current market needs. This means that if the taste and preference of the customers shift away from a product the demand for such a product diminishes (Klein, 2003). Our research wants to find out whether RIM is on the verge of collapsing or not.
Modern-day Marxists claim that multinationals have taken jobs away from them\ west and spread them strategically in different parts of the world. It is not one particular country or region that benefits from this transformation, because production processes have been dismantled and extended across various nations.
In addition, the national vaccine program coverage provided by the national government does not begin at the zero mark in the x axis. This is also similar to the number of patients receiving home care medical services.
The diagram can assist policy makers in the sense that;
It is important for their strategic analysis of their organizations. The main aim of strategic analysis is to enable the managers to identify the opportunities and threats in the industry that the organization has no direct control (Anderson and Williams, 2004). PEST framework facilitates the analysis of the macro-environment of a company.
Generally, obviously, an increase in demand is good news for any business. It comes with lots of opportunities that every investor and management must exploit. As in this scenario, if a business realizes a sustained increase in demand, it can take a lot of measures to ensure that it optimally reaps from it.
In the economic context, there are different types of interaction. Monopoly is included in the types of interaction occurring in the local and global markets. It is the corresponding scenario wherein a certain industry or market has a single or sole participant defined as the seller or the provider of the product or service.
The Executive Board usually meets thrice a week, in the Fund’s head office in Washington, D.C. The five largest shareholders of IMF, the United States, Japan, Germany, France, and the United Kingdom, are also a part of the Executive Board along with Russia, Saudi Arabia. The rest of the 16 Board members are elected for two-year terms by groups of countries, which are called as constituencies.
Individual consumer’s focuses on maximizing their utility subject to their budget line (MagrabI, 1991). On the other hand, producer’s aims at maximizing their profits subject to their production Isoquants (Mceachern,
The government can intervene by imposing taxes on companies that produce negative externalities while encouraging firms that produce positive externalities through subsidies. It can also intervene through awareness creation programs in order to educate consumers about the positive and negative impacts of certain products.
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What decides the lengths of livelihood and unemployment spells? By what means would we be able to all the while have unemployed workers and unfilled opening? What elements focus the total unemployment and opening rates? By what means can obviously
Secular stagnation is a prolonged period of stagnant economic growth, measured in terms of the growth of the GDP and accompanied by high unemployment. Particularly in the year 2009, the
The Middle East is a region that mainly comprises a major part of western Asia and Egypt. The region by definition includes states or territories such as Turkey, Syria, Bahrain, Cyprus, Egypt, Iraq, Iran, Israel, Jordan, Lebanon, Qatar, Saudi Arabia, Yemen, Kuwait, and the UAE. Presently, the Middle East is the center of gravity of the global oil industry from a geographical perspective.
Immigrants have a positive impact on the economy of the United States. Most of them start small businesses, which plays a role in employing Native Americans. These immigrants come with skills that are difficult to find in the United States. This is the reason that most of them hold Ph.D. degrees in science and mathematics.
The implementation of proper reforms and regulations is likely to improve the conditions of the market by boosting a healthy level of competition, interest, and involvement of the consumers and lowering the entry barriers so that new suppliers can enter into the market and control the oligopolistic market structure and pricing of products and services in this sector.
The world economy has since the great depression of the 1940s experienced several declines normal in economic cycles, and later recovered easily. Most declines have been trivial at the regional and national levels, with the exception of a few serious cases like the East Asian crisis of 1997. It triggered short and long-standing effects in nations, some of which are yet to fully recover.
In economics, a monopoly is widely defined as a market structure where there exists only a single seller producing a commodity with no other close substitutes. This single seller can either be an individual owner or a partnership company or even a joint stock company. This single seller in the market is known as the monopolist who is known to be the price maker enjoying complete control over the process of supplying commodities to the market.
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Banks should strive to upgrade customer service yearning to forge strong, long-term customer relationships. True to Farinha & Santos’ observation (2002), bank’s ability to meet their sales targets in the coming years will depend upon their ability to build strong and lasting relationships and their ability to enhance consumer experiences.
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Unfortunately, that doesn’t seem to be the case since economic theorists later proved that as the economy grows, a fraction of the disposable income saved in an economy appears to stay constant. This explains the situation of richer countries like the United States where savings is relatively low compared to that of Japan.
Various economic theories differ in their emphasis on key determinants of economic growth. But some of the determinants appear more frequently than others, helping them gain recognition as factors contributing to economic growth. Foremost among these determinants is the governmental institutions that overlook economic activity in a country.
The author states that a strong Australian dollar indicates a high value of the currency with respect to the other currencies. When the Government maintains a strong currency, it prevents the currency from evaluating. If Australia maintains a strong currency, its trading partners will be discouraged to buy Australian exports.
The table suggests that the tax bracket for Ellen would be $19065. The calculation means that Ellen will have to pay $19,065 as taxes from an annual income of 1993. Ellen’s tax bracket also suggested that whatever she earns which is between $53,500 and $115,000; she will be charged 31% of the annual earnings as a tax that will be cut from her income.
e many resources have been discovered, an increase in natural resources can only be realized through an improvement of the technology used to extract these resources.
The second factor to consider is labor, where economic growth is increased through an increase in labor. This
The degree of the problems recently besetting the natural resources and environment reflects the significant social economic progress attained in the XX century. Sustainable development is progress that meets the requirements of the current generation without compromising the capability of future generations to satisfy their own necessities.
The business operations undertaken by a given firm determine the market model in which that firm operates. The number of players involved, targeted consumers, product and/or service characteristics, and the pricing policies employed also influence the market model that best describes a firm (Taylor & Weerapana, 2009).
the wage rates will increase the cost of production which will lead to increase in the prices of products and eventually decrease in the demand of the products, hence the production will decrease. Same is true for the transportation costs (Hoshmand, 2009).
However, it is
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A few decades ago, the United Arab Emirates was among the least developed nations in the world. In recent times, the nation has achieved high-income levels that can be compared to those of industrialized nations. This can be attributed to the great concentration of expatriate labor, which has helped in advancing various sectors of the UAE economy.
Adjustment of the SeaTac’s minimum wage is among the hot debates that have hit the city’s economic scenes since it directly affects a number of economic aspects across the State. A hike in minimum wage influences factors such the opportunity cost, general demand and supply, producer and consumer surplus, general company profits and aggregate supply and demand