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The production function of a competitive firm is described by the equation \(y = 8x_{1}^{1/2}x_{2}^{1/2}\) The factor prices are p1 = $1 and p2 = $4 and the firm can hire as much of either factor it wants at these prices.
a) What are the firm's cost minimizing levels of each input to produce y units of output?
b) Find the Cost function and the Marginal Cost function of the firm.
On a diagram, draw the marginal cost curves for the two factories, the average and marginal revenue curves, and the total marginal cost curve (i.e., the marginal cost of producing Q = Q1 + Q2). Indicate the profit-maximizing output for each factor..
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Valles Global Industries (VGI) is considering selling a product to SohnCo. The contract sells parts for revenue of $32 million a year for 15 years. Their initial investment is $150 million and the equipment has no salvage at 15 years. They esti..
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If Boeing's dollar aircraft prices increase 20% and the yen /dollar exchange rate decline 15% , what effective price increase is facing Japan air Lines for the purchase of a Boeing 747 Would Boeing's margin likely rise or fall
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A useful piece of depreciable property was bought for $20,000. If it has a useful life of 10 years and a salvage value of $5,000, how much will it be depreciated in the 9th year, using the 150% declining balance schedule
Suppose the demand for a product is given by P = 50 - Q. Also, the supply is given by P = 10 + 3Q. If a $12 per unit excise tax is levied on the buyers of a good, after the tax,what is the total quantity of the good sold.
Smith Corp. has determined that its contribution margin, (P - MC)/P, is 40%. A recent market research study found the following relationship between adverting outlays and sales revenue. Advertising Outlays Gross Revenues from Sales $500,000 $4,000..
some fields have large enough quantities of both oil and natural gas that coordination must be achieved for production of both, rather than oil alone as in our examples. will field with both oil and gas have greater difficulties in unitization tha..
In a closed economy the following holds: Household consumption C is given by the consumption function: C = 100 + 0.75Yd Planned investments are I = 250 (independent of Y ). Household disposable income: Yd = Y - T, where Y is production. Taxes depend ..
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