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The production function at Ginko.s Copy Shop is q = 1000 * Min(L; 3K); where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines.
(a) Draw the isoquants for q = 3000; q = 6000; and q = 9000 for this production function.
(b) Draw the total product of labor curve when K = 1.
(c) Draw the average product of labor curve and the marginal product of labor curve for this production function (again, let K = 1).
David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce). Bread is provided free of..
Bear Stearns, Lehman Brothers, Merrill Lynch, and AIG were all firms that teetered on the brink of bankruptcy. What was the fate of each? In what ways were their problems similar? How did they differ?
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Draw the isocost line corresponding to a total cost of $10,000 is: 50 L + 100 K. TC = w L + r K, where L is the quantity of labour, K is the quantity of capital, w is the price of labour, and r is the price of capital. And draw the isoquant curve on ..
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Machine A costs $20,000, lasts 3 years and has a salvage value S of $3,000. Machine B costs $12,000, lasts 2 years and has a salvage value of $2,000. The machines can be purchased at the same price with the same salvage value in the future, and are n..
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $30 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
The multiplier, or the change in equilibrium GDP that will occur per any change in spending, can be determined by calculating the fraction of any change in income that survives all of the leakages and goes on to start the next round of spending.
A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 5 percent. This firm is earning $15 on every $150 invested by its founders. What is its percentage rate of return? percent. Is the firm ..
What is the difference between an Associative Entity and a Transactional Entity?
Congress has passed laws requiring that a certain percentage of retail gasoline be from ethanol produced from corn. How would this destroy wealth?
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