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Given the following productio function , what are the capital (k) and labor (L) elasticities of production?What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
Your manager comes in with three sets of proposals for a new production process. Each process employs three inputs: land, labor, and capital.
Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
Using two graphs, show consumer surplus before and after government intervention.
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Use demand and supply analysis to illustrate the changes in chicken prices described in the article. Describe what has happened in the corn and soybean-meal markets and how that has influenced the chicken market.
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
What is the Exy and what does that number mean and what is the relationship between these two goods - What would happen to total revenue with the price reduction
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