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1,a) Prove that profit maximization implies cost minimization but not vice versa.b) Consider the problem of maximizing profit Π= py - wl subject to the production function y = l^a, a?(0,1). Derive the profit function and confirm that Hotelling's lemma hold. Explain what happens if a = 1.
2, Long run average costs rise as output increases if and only if the production function is homogeneous of degree p?(0,1). True or false? Explain your answer.
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
Suppose you own a franchise of rental car bureaues in Florida. You recently get a report indicating that about 80% of all tourists visit Florida during winter months in any given year,
Graph an increase in demand when supply is elastic and show the change in eq. P and Q. Graph a similar increase in demand when supply is inelastic and show the change in eq. P and Q. Compare the results. Graph a market with a tax where firms pay th..
you are have been asked by your senior management to prepare a report identifying the distribution channels available
Indifference theory can explain all rational choices and behavior and try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money. If a baby costs $8,000 a year.
In the classical model with fixed income a decrease in the real interest rate could be the result of a(n): If currency held by the public equals $100 billion, reserves held by banks equal $50 billion, and bank deposits equal $500 billion, then the ..
Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of the demand for a good with respect to another g..
In your opinion, should economic tigers be feared or tamed?
Discuss the long run implications of monopolistic competition with respect to (a) utilization of plant, (b) allocation of resources, and (c) advertising and product differentiation. Compare this to the situation of perfect competition.
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
In a study published in 1980, B. B. Gibson estimated the following price and income elasticities of demand for six types of public goods:
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