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A cost minimizing firm has the following short run production function
Q=f(L,K)=72L + 5L^2 - 0.2L^3
(a) Briefly explain why this is short run production function.
(b) At what level of employment would diminishing returns set in for the variable input?
You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firm's products are viewed as identical by most consumers.
Explain the alternative adjustment path that would result from the stimulus and compare it to the adjustment that would have occurred if the government had not responded to the recession.
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day
Assume that the government of a nation rations the crude oil available to car owners each month which reduces the overall demand for petroleum. However, the nation continues to import oil from the world market.
A recent editorial advocated a cut in the payroll tax, with the argument that such a tax cut would "stimulate employment, since employers shoulder half the burden of the tax." Use a graph to illustrate circumstances under which this would and woul..
The Bureau of Labor Statistics reported that in December 2002, total labor force was 142,542,000 of a possible 214,967,000 working age adults.
Explain the difference between accounting and economic profits.
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
You are asked by the business editor of the Yuk Gazette to predict the events of the next few months. By using the data given, make a forecast. (Assume that investment is constant.)
Simultaneous changes in supply and demand affect equilibrium price and quantity in various ways, depending on the relative magnitudes of the changes in supply and demand. Equal increases in supply and demand, for example, leave equilibrium price u..
An individual's taxable income increase from $20,000 to $30,000 a year, and taxes paid amount increase from $5,000 to $8,500. Determine the individual's marginal tax rate is:
1. Describe the process by which the market for capital and the market for labor reach equilibrium. What happens to each if demand for the final product were to increase Why 2. Do consumers play a role in perpetuating discrimination in labor market..
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