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For each of the following productions functions, determine whether returns to scale are decreasing , constant, or increasing (show your computations): a. Q = 3K = 2L + KL b. Q = 20K7L5 Exercise 3 HC Petersen & WC Lewis Business Consulting LLC are contracted by the Puerto Rican Treasury Department for an economic study with respect to the efficiency of accountants and bookkeepers in the audit process of corporate and individual tax collection. The study reveals that Certified Public Accountants (CPAs)who audit corporate tax returns are paid $31,200 per year, while the annual salary of a bookkeeper, who audit individual returns are paid $18,200. The study also reveals that adding one year of CPA time to audit corporate returns results in an additional tax collection of $52,000. On the contrary, an additional bookkeeper adds $41,600 per year in additional tax revenue. a. Suppose that the Treasury wants to maximize tax revenue that is being collected, Do you consider the present combination of COAs and bookkeepers optimal? Justify your answer based on the concepts learned in this Module and chapter of production. b. If the present mix of CIAs and bookkeepers is not optimal, should the Treasury Office hire more CPAs and less bookkeepers or vice versa? Explain why!
Moreover, she can expect a 5% salary increase each year with this employer. Apply the concept of opportunity cost to calculate the economic cost (as opposed to the accounting cost, which would not factor in opportunity cost) of pursuing the MBA ov..
The spirit of equating marginal cost with marginal revenue is not held by perfectly competitive firms oligopolistic firms or else.
Write down a paper which provides an economic profile of the automotive manufacturing industry.
describe the beliefs that Keynesian and classical economists hold about the role of the government in managing the economy and the business cycle, and the foundation and reasons for these beliefs
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result.
Suppose production of this good imposes external costs of $10 for each unit produced. Does this cause an over or an underallocation of resources to production of this good
Suppose capital is steady, with three machines and MPPK/MRCK = 30, determine the least cost input combo of labor and capital? How much output is produced?
The demand and supply functions for sweatshirts (the basic grey kind) are as follows: Price Quantity Demanded (per period) Quantity Supplied (per period) $10 14,000 21,000 9 14,500 18,000 8 15,000 15,000 7 15,500 12,000 6 16,..
Explain in detail how a decrease in consumer demand for a product will result in less of the product being produced and in fewer resources being allocated to its production.
If you travel around the world, you will see tremendous variation inliving standards of the people. The world's poor countrieshave average levels of income per person, that are less thanone-tenth the average levels in the world's rich countries
Assume that there are only two inputs (labor and natural resources) producing two goods (movies and gasoline) with no improvement in society's technology over time. Further, assume that natural resources are being rapidly depleted.
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
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