Economic Homework

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John works 40 hours a week managing his own business, without drawing a salary. He could be earning $600 a week doing the same job for his former employer. He has invested $100,000 of his own money in his business and owes the bank $100,000. The interest on his bank debt is $200 a week. If John’s accounting profit is $1,000 per week, what is his economic profit?

• Consider the production schedule below. Where is the average product of labor maximized and at what point does diminishing marginal product of labor set in?
• Using regression analysis, where labor is the “X” variable, find the best production equation to estimate total output.
output labor
0 0
6 1
16 2
29 3
44 4
55 5
60 6
62 7
62 8
61 9
59 10

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