MICROECONOMICS
null Edition
ISBN: 9780134519494
Author: Acemoglu
Publisher: PEARSON
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Question
Chapter 6, Problem 2P
(a)
To determine
Change in Marginal product (MP) due to the increased number of workers in short run.
(b)
To determine
Changes in output in the long run.
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The airline industry was hit particularly hard after the 9/11 attacks on the World Trade Center in 2001. In 2002, Southwest Airlines, one of the healthier airline companies, decided to lengthen the useful lives of its aircraft from 22 to 27 years. Shortly thereafter, following Southwest’s lead, other airlines made the same move.Would it have changed earnings or cash flows, and if it did, would the change have been favorable or negative?
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