MICROECONOMICS (LL)-W/ACCESS CODE
21st Edition
ISBN: 9781264042296
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 25, Problem 2RQ
To determine
Reason for immigrate to U.S.
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A software company in Silicon Valley uses programmers (labor) and computers (capital) to produce apps for mobile devices. The firm estimates that when it comes to labor, MPL = 5 apps per month while PL = $1,000 per month. And when it comes to capital, MPC = 8 apps per month while PC = $1,000 per month. If the company wants to maximize its profits, it should: LO16.5 a. Increase labor while decreasing capital. b. Decrease labor while increasing capital. c. Keep the current amounts of capital and labor just as they are. d. None of the above.
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A dozen eggs cost $1.22 in January 1990 and $2.33 in January 2016. The average wage for workers in private industries was $10.02 per hour in
January 1990 and $21.33 in January 2016.
By what percentage did the price of a dozen eggs rise?
48%
91%
111%
By what percentage did the wage rise?
O 21%
94%
113%
In order to earn enough to buy a dozen eggs, a worker had to work.
Workers' purchasing power in terms of eggs
minutes in January 1990 and
between 1990 and 2016.
minutes in January 2016.
Chapter 25 Solutions
MICROECONOMICS (LL)-W/ACCESS CODE
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- D Question 14 Suppose for the country of Joshua-land, the annual inflation rate is 7%, the population growth is 5% per year while GDP increases by 2% per year. How long would it take for the country to double its GDP? O 7 years O 14 years 35 years O Never Question 15 For the previous question, how long would it take Joshua-land to double its GDP capita? per O 7 years O 14 years O 35 years Never Question 16 For Joshua land, how long would it take for prices to double? O 7 years O 10 years 35 years O Not enough informationarrow_forwardIn the year 2014, the world's average per capita GDP was $14,517. What percent of the world's population lived in a country with per capita GDP that was below $14,517? O 21% 43% 56% OOOO 73% Show Transcribed Text Roughly what percent of the world's population live in countries with per capita GDP lower than the average world per capita GDP? 75% 50% © 25% C 10%arrow_forward3. Suppose that there are two countries with dif- ferent levels of total factor productivity, and that these differences exist because of barriers to technology adoption in the low-productivity country. Also suppose that these two countries do not trade with each other. Now, suppose that residents of each country were free to live in either country. What would happen, and what conclusions do you draw from this?arrow_forward
- Table 25-1 The following table pertains to Quicheland, an economy in which the typical consumer's basket consists of 11 bushels of apples and 5 bushels of almond. Year Year 1 Year 2 Price of Apples (Dollars per bushel) 14 9 90.01. O 79.42. O 91.62 O 110.40 Price of Almond (Dollars per bushel). 5 13 Refer to Table 25-1. If Year I is the base year, then the CPI for Year 2 wasarrow_forwardI need help on question 3.arrow_forwardQUESTION 7 If foreign immigration (only) increases the number of workers in the US by 10%, GDP per worker should O A. Increase by 10% O B. Increase by less than 10% OC. Decrease by more than 10% O D.Decrease by less than 10%arrow_forward
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