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Suppose a firm’s production function is q = 5LK , where q is the level of output, L is the quantity of labour and K is the quantity of capital. For this production function, the marginal product of labour and capital are given by, respectively, MPL = 5K and MPK = 5L . The cost of one unit of labour is $20 and the rental cost of one unit capital is $80. If the firm were free to adjust the level of capital, find the cost-minimizing input bundle to produce 720 units of output.
How markets allocate resources. Derived demand is the change in demand due to a result initiated in another market. Market changes affect the demand for resources in related markets. For the following scenario, you are given a list of products. Draw ..
Evalute the percentage change for the two years. Explain the drastic change and what this meant for the U.S. population.
At what point in the development cycle is venture capital usually available, and what must a business demonstrate to be considered for cash infusions by venture capitalists?
Big pharmaceutical companies are oligopolies and as such their strategic decisions are influenced by the rival's actions. Describe the pros and cons of the oligopolistic firms in the healthcare sectors
A manager of a day-care center in Christchurch, New Zealand has a clearly stated policy that parents are supposed to pick up their children by 4pm (16:00). But often parents are late. Each week, there is an average of eight late pickups. To combat ta..
q1. to start this thread do some web research on a company which interests you and which is publicly traded in some
However, during nonwinter months tourism drops dramatically and travelers have no problem securing rental car reservations. Determine the optimal pricing strategy, and explain why it is the best pricing strategy.
When the price of good X is 100, the quantity demanded is 100. Calculate the relevant elasticities for the following changes: When the price of X changes to 50, the quantity demanded rises to 250. When the price of Y changes from 5 to 10, the quantit..
Economists claim that there are several causes of economic inefficiency in medical care. List three basic causes and, for each, describe why it results in economic inefficiency and poor performance in medical markets.
You are the commissioner of the National Hockey League. You have been called to testify at an antitrust case against the NHL. Argue that (a) the NHL is not a monopoly and (b) even if it is a monopoly, it is a natural monopoly. Be sure to carefully ex..
Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:
The company rents roller cutters and crimping machines for $16 per hour, and the marginal product of capital is 100 rollers per hour. Illustrate what do you think the previous manager should have done to keep his job.
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