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A factory that you are managing has an hourly production process that can be represented by 0.5? 0.50 the following Cobb Douglas Production function: Q = 20K? L?
?The price of one unit of capital per hour is $30 or r =30 and the price of one unit of labour per hour is $10 or w = 10. Your total cost should not exceed $1,000. Thus, TC = 1,000. Find the optimal amount of labour and capital that you will be using, and compute the total amount of Q. Include a diagram
An article appears in the New York Times revealing scientific research that eating dark chocolate daily reduces your risk of a heart attack by 25%. In the short term, what will happen to the demand for dark chocolate?
According to studies undertaken by the Department of Agriculture, the price elasticity of demand for cigarettes is approximately -0.3 and the income elasticity is approximately 0.5. What effect would a 10% increase in the price of cigarettes due to i..
A market is characterized by a demand curve that can be expressed as P = 3000 – 10 Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 250 q. There are no fixed costs. If the 2 duopolists behave a..
1. Highlight the pertinent facts; 2. Identify the issue of law posed by the case problem; 3. What should be the decision in the case?
How do you distinguish between the concept of development economics and that of traditional economic growth? Do you agree with the notion of many economists who contend that the development economics is greater in scope than traditional economics? Wh..
In order to host the Winter Olympic Games the city of Vancouver incurred a large debt, which will have to be repaid over time. Reflecting on this fact, one Vancouver resident complained, “The average guy is going to see his taxes increase” [Austen, 2..
The hybrid model of a car averages 40 mpg as compared to the regular model that gives only 28 mpg. If you drive 20,000 miles per year and the average cost of gas is expected to be $5.00 per gallon over the 5 years that you plan to keep the car, how m..
Define the fundamental responsibilities and key characteristics of the Chief Information Officer (CIO) and Chief Technology Officer (CTO) within health care organizations. Make one (1) recommendation where they can utilize their expertise to assist w..
What role does rational self-interest play in economic analysis?
q1. if capital is measured on the vertical axis and labor is measured on the horizontal axis the slope of an isoquant
Explain why either strict liability or simple negligence will lead to efficient outcomes in plastic surgery if patients correctly perceive the risk of accidents - Which rule will lead to better outcomes if patients underestimate the risk of surgery..
The nominal annual interest rate was 6%. After 10 years (120 payments) he sold the house and paid off the loan's remaining balance.
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