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Suppose a firm has a perfectly competitive production function: q=f(K,L)=2(K^1/2)+2(L^1/2). Suppose the price of capital is r and the price of labor is w.
1) The firm's cost minimization problem can be wrtten as:
2) Find the conditional input demand functions:
3) The firm's cost function is:
4) Using the cost function, prove what returns to scale the technology exhibits:
5)Suppose r=1 and w=2 what is the marginal cost function and the average cost function? Also provide a graph to illustrate
Write an assembly language subroutine
Price and the maximum profit possible
Governments routinely alter their spending patterns to impact the economy, particularly as they relate to GDP growth and unemployment levels. Explain what effect an expansionary fiscal policy would have on the price level and real GDP starting fro..
Copy the budget line and indifference curve I2 on your answer sheet. Suppose the prices of good X decrease by $2 per unit. Sketch (as accurately as you can) the new budget line in the diagram and indicate the new equilibrium point by drawing an addit..
Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
a. Does this regression equation provide evidence of a statistically significant relation between voter support for Proposition 103 in a county and changes in average auto premiums affected by Proposition 103 in that county? Perform an F-test at the ..
nbspnbspnbspnbspnbspnbspnbspnbsp 1 the above figure shows the isoquants for producing steel. increasing returns to
Are legalized forms of gambling, such as state-operated lotteries, consistent with a continuing public policy against the enforcement of gambling contracts? Why or why not? Please discuss and support your comments using legal reasoning and terminolog..
What components of GDP (if any) would each of the following transactions affect. Explain. A family buys a new refrigerator, You buy a pizza, California repaves Highway 101, Your parents buy a bottle of French wine.
suppose the hotel in the lecture example raised its price from 30 to 30.50. with the new price the hotel expects 96
Each day millions of Americans purchase millions of goods andservices. These goods are services are generally readilyavailable, as long as you have the necessary money to purchase them.
A monopolist with a straight-line demand curve finds that it can sell one unit at $7 each or seven units at $1 each. Its marginal cost is constant at $6 per unit.
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