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Assume the total cost of a firm is given by TC(L, K, R) = 2L2 +3K2 +4R2 +3LK +5LR+6KR-35L -39K -53R+54 where L, K, and R are the units of labor, capital and the raw materials (all in 1000 units) used in production. Find the combination of labor, capital and raw materials that minimizes the firm's total cost.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Demand in the widget market is given by QD = 30 – P, and supply is given by Qs = P + 6. The government imposes a tax on suppliers of t on every widget sold. After the tax is imposed, what is the total price per widget paid by widget buyers?
you are a newspaper publisher. you are in the middle of a one-year rental contract for your factory that requires you
Determine the effect of an raise in the quantity of money and find the difference between real variables and nominal variables? Are these variables affected through the quantity of money?
Suppose the market demand for good x is given by the equation Qd= 1000-20P, and the market supply is given by the equation Qs= 500+30P, find the equilibrium price of good x.
Develop and discuss a relationship that can be modeled with a simple regression - State the model in mathematical terms and estimate the model and interpret the meaning of the coefficient estimates.
A local video store estimates that their average customer's demand per year is P = 3.5 - .05Q (all customers are identical), and knows that the marginal cost of each rental is $0.5. How much should the store charge for an annual membership (M) and ho..
the demand for good x is given by the following
how individualism and personal freedom is playing here that the government dictatate to people what to do?
How do the relations between agriculture and industry differ between earlier and later stages of development? Why is an agricultural surplus often considered to be a precondition for industrialisation?
what are the arguments in favor of trade restrictions and what are the counterarguments? according to most economists
For each of the following shocks, describe how monetary policymakers would respond (if at all) to stabilize economic activity. Assume the economy starts at long run equilibrium.
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