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Appendix Problem 3 : Forecast the data for 2000 again in Problem 1 with exponential smoothing with w = 0.3 and w = 0.7 . Is this a better forecast than the moving average ?

Salvatore ’ s Chapter 7 : Discussion Questions : 3 , 11 , and 12 . Problems : 4 , 12 , and 13 . Discussion Question 3 :

a ) How is the law of diminishing returns reflected in the shape of the total product curve ?

b ) What is the relationship between diminishing returns and the stages of production ?

Discussion Question 11 : Minimum wage legislation requires most firms to pay workers no less than the legistiated minimum wage per hour . Using marginal productivity theory , explain how a change in the minimum wage affects the employment of unskilled labor

Discussion Question 12 : It is always better to hire a more qualified and productive worker than a less qualified and productive one regardless of cost . True or false ? Explain

Problem 4 : Ms . Smith , the owner and manager of the Clear Duplicating Service located near a university , is contemplating keeping her shop open after 4pm and until midnight . In order to do so , she would have to hire