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1. Consider the following utility for Allison who consumes goods T and good Z: U (T, Z) = T0.1 Z0.9. Allison has an income I = 500 that she totally uses to purchase goods T and Z at the respective prices PT= 2 and PZ= 3. a- Set up the budget constraint for Allison b- Derive Allison's demands for goods T and Z c- Calculate the marginal rate of substitution of T for Z. 2. Consider the following production function for a firm that uses only one input (labor) and produces one output V. F (l) = V = 100 l1/2. a- Derive the firm's output supply and labor demand functions b- How much labor will the firm hire and how much of the good V will it produce if the selling price of good V is PV = 1 and the wage rate w = 20? c- Compute the profit under the conditions in question b. 3. Consider the following production function for a firm that uses only one input (labor) and produces one output N. F (l) = N = 75 l1/3. d- Derive the firm's output supply and labor demand functions e- How much labor will the firm hire and how much of the good V will it produce if the selling price of good V is PN = 2 and the wage rate w = 20? f- Compute the profit under these conditions 4. Consider the following firm with the production function Q = F (L) = 2 L1/2. L = Labor. Wage w= 12. Fixed costs is FC = 500 (Sunk cost). Derive the short run cost function. Graph this function using excel. 5. Consider the following company that has two firms (plants) for producing a good X. firm A has a cost function CA = 650 QA - 2 (QA2) and firm B cost is CB = 600 QB - 3 (QB2).The firm wants to produce a total of 100 units of good X. or QA+ QB =100. Find the least costly way of production for this company
wyandotte chemical company sells various chemicals to the automobile industry. wyandotte currently sells 30000 gallons
suppose that society decided to reduce consumption and increase investment. How would this change affect economic growth What groups in society would benefit from this change what groups might be hurt
draw on the reservation prices provided in question 6 and assume mixed bundling.suppose the bundle price is set at 3
1. identify the country cluster for both your domestic and global environments choose different clusters.2.
Test the null hypotheses that the slope terms are individually insignificant using one-tailed t-tests using a .05 level of significance and evaluate the quality of the model.
why should the government intervene in situations of market failure? include your example enough economic analysis and
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
a. complete the table above. you do not have to complete any cell with - in it. be careful calculating mc and mr note
the ceo of bank of america brian moynihan recently stated that us taxpayer money should not be used to bail out major
question 1 what do you mean by a social welfare function? if you suppose that such a function exists what properties of
Compute the profit maximizing output produced by each firm. Compute the profits earned by each firm and the cartel.
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