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Suppose that wimps can be produced using two different production techniques, A and B. The following table provides the total input requirements for each of five different total output levels: Q = 1 Q = 2 Q = 3 Q = 4 Q = 5 TECH. K L K L K L K L K L A 2 5 1 10 5 14 6 18 8 20 B 5 2 8 3 11 4 14 5 16 6
a. Assuming that the price of labor (PL) is $1 and the price of capital (PK) is $2, calculate the total cost of production for each of the five levels of output using the optimal (least-cost) technology at each level.
b. How many labor hours (units of labor) would be employed at each level of output? How many machine hours (units of capital)?
c. Graph total cost of production as a function of output. (Put cost on the Y-axis and output, Q, on the X-axis.) Again, assume that the optimal technology is used.
d. Repeat a. through c. under the assumption that the price of labor (PL) rises from $1 to $3 while the price of capital (PK) remains at $2.
The Solar Energy Company is producing electricity from a solar source by using a large array of solar cells and selling the power to the local utility company. Because these cells degrade over time, thereby resulting in lower conversion efficiency..
Fixed Assets Property, plant, and equipment $2,200 $1,870 $1,814 $1,422 $1,400 Less: Accumulated depreciation $400 $200 $180 $80 $75 Net property, plant, and equipment $1,800 $1,670 $1,634 $1,342 $1,325 Intangible assets $300 $240 $220 $210 $205
You bought a car for $16,000 including sales tax and cost of the title. You agreed to pay 60 equal monthly payments to pay for the car at 6% annual interest compounded monthly. The dealer charged you $350/month. You thought that this is a bit more..
Calculate the overall rate of interest the couple will pay using this arrangement. If you answer using a percent, please include a minimum of two significant digits in your answer. If you answer using a decimal, please include a minimum of four ..
If the industry is regulated in a way that requires it to set P = AC, how much will be sold and what will the price be c) If the industry is regulated in a way that requires it to set P = MC, how much will be sold and what will the price be
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
A major advantage of production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method.
Suppose there are 100 indentical firms in the perfectly competitive notecard industry. Each firm has a short run total cost curve of the form STC= 1/300 q3 +?0.2q?^2+4q+10 and marginal cost is given by SMC = .01q^2 + .4q + 4
Use a model with horisontal productdifferentiation. Suppose that two firms compete. They are situated at opposite sides on a linje with length 1. Firm 1 in point 0, and firm 2 in point 1. The konsumers transport costs are linear in the distence to..
Alex and Barbara will simultaneously choose to go to the beach or to go cycling without talking to one another. Alex prefers beach and Barbara prefers cycling, but they prefer to be with one another.
Enumerate the various objectives a firm might have and how the price mechanism can be used to realize such goals. While you're at it, calculate the price and quantity to: (a) Maximize TR (b) Maximize total profit
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