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Suppose that the production function for a commodity is given by Q = 10√LK
Where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital. (a) Calculate Q when L=1 and K=1, and L=2 and K=2, then indicate whether this production function exhibits constant, increasing, or decreasing returns to scale. (b) Given K=1, show the change in Q if L changes from 1 to 2, and 2 to 3, and does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?
Burger Doodle is the fast-food restaurant that processes average of 680 food orders each day. Evaluate the average product cost
A company wants to prepare the demand curve for its product that it is selling. How would it get the information to prepare the schedule? How could a company prepare the demand curve for the new product that has not been seen by the public?
Why there is so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency?
Explain a political, economic, or social interaction of decision makers that you have heard about in words. The condition should involve decision makers, available actions
Use supply or demand graphs to examine shifts in supply and demand and resulting changes in market equilibrium in the condition below.
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
Discuss how do reducing tax policies on electricity and imported luxury cars in short run affect firm revenue, consumer expenditure and government tax revenue?
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
Using the given table, find out the quantity where MC = ATC. Find out the quantity where ATC is at its minimum. Find out the quantity that is the most efficient operating point for the firm.
What is the group preference and what is the group choice according to the Borda count rule? Please justify your answers.
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