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The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q=K^(1/2) L^(1/2) and that capital is fixed at 1 unit.
a. Calculate the average product of labor when 9 units of labor are utilized.
b. Calculate the marginal product of labor when 9 units of labor are utilized.
c. Suppose the firm can hire labor at a wage of $10 per hour and output can be sold at a price of $100 per unit. Determine the profit-maximizing levels of labor and output.
d. What is the maximum price of capital at which the firm will still make nonnegative profits?
If price of motor vehicles rises, what will happen to the demand of fuel oil In which direction the demand curve for fuel oil will shift with a rise in price of motor vehicles
Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
investment projects in the economy that yield an expected rate of return of 25 percent or more. But suppose there are $10 billion of investment projects yielding expected returns of between 20 and 25 percent; another $10 billion yielding between 1..
Reserve requirement for banks is set at 5%. Your firm withdraws $42,000 on its line of credit at the Security Bank to purchase equipment for expansion. The equipment vendor deposits the amount that he receives from you at his bank, The Highland Ba..
What is the optimal level of pollution P = 2P + P^2 => MC = 2 + 2P CC = 5 - 3P => MC = -3 to find the optimal level of pollution as recommended, we need to set total marginal cost = 0, then I have 2 + 2P -3 = 0 => 2P -1 = 0 => P = 0.5 You have alread..
The price earnings ratio for each stock is determined through dividing the value of a share of stock by the earnings per share reported by the firm for the most recent 4-quarters.
You are the manager of a monopoly, and your demand and cost functions are given by P = 200 - 2Q and C(Q) = 2000 + 3Qsquared, respectively. a. What price-quantity combination maximizes your firm's profits b. Calculate the maximum profits.
Consider a two-onsumer exchange economy. Consumer 1 and 2 have utility functions: U1(x, y) = x2/3y1/3 U2(x, y) = x1/2y1/2Initial endowment e1=(18,7) (It means consumer 1 has 18 units of x and 7 units of y initially), e2=(15,16).
Consider a simultaneous move quantity-setting game with two firms facing a demand curve p = 100 - q. Both firms have marginal cost of 20. Suppose one firm maximizes profit and the other maximizes revenue, but both take into account the other firm'..
if the interest rate is 10%, what is the present value of a security that pays you $1100 next year, $1210 the year after, and $1331 the year after if the security sold for $3500, is the yield to maturity greater or less then 10% Why
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks from the same sort of wood. Although hard woods were readily available in the past, recently they have become harder to botain.
A small manufacturing company has an estimated annual taxable income of $95,000. Due to an increase in business, the company is considering purchasing a new machine that will generate additional before-tax annual revenue of $50,000
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