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Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function.
Suppose K = 1,000; L = 200 workers; and M = value of all materials use at 450.
1) Derive the total product or output.
Assume, no calls are currently on hold. If agent takes 5 minutes to complete current call, how many callers do you expect to be waiting by that time. Illustrate what is probability that none will be waiting.
A certain machine will have a cost of $25,000 (then $) six years from now. Find the PW of the machine if the real interest rate is 10% per year and the inflation rate is 5% per year using
What is the new equilibrium price and output in the short run for both the industry and each firm.
A technology is invented that makes labor and capital perfect one to one substitutes in the production of Mint Chocolate Chip super High fat Ice-cream.
How does the concept of capabilities to function' help us gain insight into development goals and achievement explain its contribution in measuring level of development.
Do you think governments should step in and help an economy move to potential or are "markets" capable of fixing themselves? Carefully consider the impact of falling prices.
consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit of
What is one explanation for why this labor supply curve is upward sloping?
Michelle spends all her money on food and clothing. When the price of clothing decreases, she buys more clothing. Does the substitution effect cause her to buy more or less clothing.
Explain why a perfectly competitive firm may continue to operate in the short-run even with a loss of profits.
If Jerry Schuster changed the name of the business but still used the tools and equipment he inherited from his father, how would that impact your analysis of this case?
Identify the two events that can cause a shift in the Production Possibilities curve.
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