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- Suppose the Marginal product of labor in the economy is given by MPN= .002(16,000-N), while the supply of labor is N=1000 + 1000w. Find the market clearing real wage rate and level of employment. What happens to the wage rate and employment if wealth rises, reducing the supply of labor to N= 500 + 1000w? As in (a), what is the unemployment rate if real wage is 1 more than the equilibrium wage? (hint: solve the real wage and then add it by 1, then find the difference of quantity of labor supplied and demanded).A manufacturer incurs the following costs in producing x water ski vests in one day, for 0<x<150: fixed costs, $500; unit production cost, $25 per vest; equipment maintenance and repairs, 0.05x2 dollars. So, the cost of manufacturing x vests in one given day is given by C(x)=0.05x2+25x+500,where 0<x<150. a.) What is the average cost C(x) per vest if x vests are produced in one day? b.) Find the critical numbers of C(x), the intervals on which the average cost per vest is decreasing, the intervals on which the average cost per vest is increasing, and the local extrema.A manufacturer incurs the following costs in producing x water ski vests in one day, for 0<x<200: fixed costs, $245; unit production cost, $15 per vest; equipment maintenance and repairs, 0.05x2 dollars. So, the cost of manufacturing x vests in one given day is given by C(x)=0.05x2+15x+245, where 0<x<200. (A) What is the average cost C(x) per vest if x vests are produced in one day? (B) Find the critical numbers of C(x), the intervals on which the average cost per vest is decreasing, the intervals on which the average cost per vest is increasing, and the local extrema. Do not graph
- The company wishes to produce both products, but not at equal portions. 60% X’s and 40% Y’s is desired for production. At the indicated percentages, what is the daily capacity of this company? Hint 1: find the weighted unit load based on the given portions and apply that in the effective capacity formula. Hint 2: It will be a mistake to allocate 60% of the available time to produce X. Rather, apply hint 1 to make sure the resulting production will be 60% from X units and 40% from Y’s.Suppose that the Lorenz Curve for country A is given by yA = x 2.2 and for country B is yB = 0.3x 2 + 0.7x. Use the Gini index to determine which of the two countries has greater inequality in its income distribution.In an effort to make the distribution of income more nearly equal, the government of a country passes a tax law that changes the Lorenz curve from y = 0.98x2.1for one year to y = 0.32x2 + 0.68x for the next year. Find the Gini coefficient of income for both years. (Round your answers to three decimal places.) after before
- The U.S. Bureau of the Census prediction for the percentage of the population 65 years and older can be modeled as p(x) = −0.00022x3 + 0.014x2 − 0.0033x + 12.236 percent where x is the number of years since 2000, data from 0 ≤ x ≤ 50. 1. Determine the value of x in the domain 0 ≤ x ≤ 50 for which the percentage is predicted to be increasing most rapidly (Round your answer to three decimal places). 2. Thus, in which year is the percentage is predicted to be increasing most rapidly? 3. Calculate the percentage at that time. (Round your answer to two decimal places.) 4. Calculate the rate of change of the percentage at that time. (Round your answer to three decimal places.)1) The marginal revenue derived from producing q units of a certain commodity is R^I(q)=4q-1.2q^2 dollars per unit. If the revenue derived from producing 20 units is $30,000, how much revenue should be expected from producing 40 units?The analysis of tooth shrinkage by C. Loring Brace and colleagues at the University of Michigan’s Museum of Anthropology indicates that human tooth size is con-tinuing to decrease and that the evolutionary process has not yet come to a halt. In northern Europeans, for example, tooth size reduction now has a rate of 1% per 1000 years. a. If t represents time in years and y represents tooth size, use the condition that y = 0.99y0 when t = 1000 to find the value of k in the equation y = y0 ekt. Then use this value of k to answer the following questions. b. In about how many years will human teeth be 90% of their present size? c. What will be our descendants’ tooth size 20,000 years from now (as a percentage of our present tooth size)?
- 17. Suppose the revenue (in dollars) from the sale of x units of a product is given byR(x) = 40x^2 + 50x/2x + 2.Find the marginal revenue when 63 units are sold. (Round your answer to the nearest dollar.)$ Interpret your result.When 63 units are sold, the projected revenue from the sale of unit 63would be $___1. A cement grinding mill “A” with a capacity of 50 tons/hr utilizes forged steel grinding balls costing P12,000/ton, which have a wear rate of 100 grams/ton cement milled. Another cement mill “B” of the same capacity uses high chrome steel grinding balls costing P50,000/ton with wear rate of 20 grams/ton cement milled. Determine the more economical grinding mill, considering other factors to be the same.Island A is 2 miles due east of its closest point on Island B. Thegroup is staying at a temple on the shore of Island B that is 6 miles west of thatpoint. They are planning on going from the house to Island A. If the group walks ata rate of 4mph and flies at a rate of 10mph over the sea, how far should they walkbefore flying to minimize the time it takes to reach Island A?