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The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q = K^(1/2)*L^(1/2) and that capital is fixed at 1 unit.
a. Calculate the average product of labor when 9 units of labor are utilized.
b. Compute the marginal product of labor when 9 units of labor are utilized.
c. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
d. What is the maximum price of capital at which the firm will still make non-negative profits?
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Discuss if you agree or disagree with this statement and explain your position: Market equilibrium (price and quantity of equilibrium) is just a theoretical result.
For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).
You know from data gathered on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget..
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
Assume the government sets an effective price floor in market for oranges and agrees to buy all oranges that go unsold at that price. The oranges bought by the government are discarded.
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
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