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Production function for a competitive firm is Q = K2/3 L1/2. The firm sells its product at $100 in a competitive market and can hire labor at a constant rate of wage of $50 per unit of time. Capital is fixed at 8,000 units. Determine the profit maximizing quantity of labor (L).
The market demand for a homogeneous-product Stackelberg duopoly is 16,000-4(Ql+Qf) and costs are Cl(Ql)=4000Ql and Cf(Qf)=6000Qf. What is the follower’s reaction function? Determine the equilibrium output level for both the leader and the follower.
Reducing taxes increases the amount of available cash that consumers can use to purchase goods and services. The more cash consumers have, the more purchases they are likely make. As consumers in a country increase spending, it directly increases ..
Describe those parts of the U.S. agricultural system dependent on slave labor. Why was the U.S. agricultural labor partly and not wholly dependent on slavery? Use economic reasoning.
Could they have done anything differently? How did their work fit into the existing framework of understanding in their field, and how did it advance further understanding of the field?
These multiple choice problems belong to Economics. The first problemis about calculation of marginal product and the second problemis about calculation of marginal returns.
1. Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.
Present a plan for monitoring carbon monoxide in a city
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage
a soft-drink bottler collected the following monthly data on its sales of 12-ounce cans at different prices.month 1 2 3
According to this week s lecture, there are two types of inflation (demand pull and cost push). Which countries are experiencing a demand pull inflation? ? You may need to complete additional research to determine the inflation type for each country.
Use gradient analysis to provide an estimate of eleven data points that seem to represent the MC curve over this range of outputs. Plot these data points and sketch in estimated MC and AVC curves that seem to best fit these data points.
Use a production possibilities frontier graph to illustrate the trade-off to an economy between producing consumption goods and producing capital goods.
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