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1) A firm has a production function defined as y = 40L1/10K7/10. The firm faces costs of $10 wages, and $100 rental rate of capital. Find the cost function, and average total cost, average variable cost, and marginal cost functions.
2) A firm has a production function defined as y = 8L1/4K3/4. The firm faces costs of $20 wage, $60 rental rate of capital, $2 per unit produced, and a $42 fixed cost. Find the cost function, and average total cost, average variable cost, and marginal cost functions.
Saudi Arabia has a comparative advantage in producing oil because it:
A firm in a competitive industry faces a market price for output of $20 and a wage rate of $500. At the current level of employment (50 units of labor), the marginal product of labor is 30. In order to maximize profit, the firm should
An alternative way for the government to encourage home ownership would be to offer a tax credit instead of a tax deduction. Explain how does this alter its budget if k=0.25.
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
Suppose that real GDP grew more in Country A than in Country B last year. Which of the following does this imply concerning productivity or standard of living?
?Assume you are an analyst with an online university say UOP. The Admissions Director (AD) wants to determine the optimum number of students for each ECO561 class. You are provided with the following data: Tuition is $1250 per student. what is the ne..
Create a mind map to illustrate the ways that human behavior has influenced the formation and implementation of the policy. You may complete one of the provided templates or create your own. All maps must include a minimum of 7 influential factors.
Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. Give the formulas for the short-run production funct..
Someone once said, "You can watch the size of the Cadillac market shrink by just reading the obituaries." In the context of the external environmental forces discussed in the chapter, what did this person mean? What has Cadillac done to counter th..
If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development? What conditions would encourage research and development in competitive ..
The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
Analyze the forms of aid to developing nations and determine which have the greatest and least amount of impact on a country during a natural disaster.
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