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Question: Suppose that the production function for Girl Scout cookies is given by Q(K, L) = K 1 2L 1 2 The workers who make Girl Scout cookies are paid a wage of $5 per hour and a unit of capital can be rented for $10 per hour.
(a) In the short run, this troop's capital is fixed at K=9. Find the firm's short run total cost function, SRT C(Q).
(b) Suppose that capital is now fully flexible. Find the long run total cost function, LRT C(Q).
(c) For what level of Q is the long run cost function equal to the short run cost function? (Hint: You should determine the solution without doing the obvious method, which involves solving a difficult quadratic equation.)
(b) What is the maximum total revenue per year that Solis can obtain from sales of its product (Give the exact dollar amount and show how you determined it.) (c) Calculate the point price elasticity of demand for Solis product when Q=50000. Is the..
Many people find the current unemployment figures for Australia at 5.5% unbelievable. Why is this? Why might the official statistics be inaccurate
Suppose there are two types of consumers: Type A and Type B. The demands for a monopolist's product for each type of consumers are given by:
You are negotiating a 5 year contract to supply engineering services for your company and the rates proposed for each new contract year are indexed to US CPI. List five problems you may have with this proposal and rank order them from Highest to l..
Learning economies involve cumulative production over time and the economies of scale involves rate of production per period. Learning economies involve rising average costs and economies of scale involve falling average costs as a result of highe..
Assume that the working age population in Tiny Town is one hundred people. If 25 of these people are not in the labor force,
Suppose that the return on domestic bonds held by foreigners in country i are subsidized at the rate s and that returns on domestic bonds held by residents of country j are taxed at the rate. Write down the interest parity condition
The theory of purchasing-power parity primarily explains 1. why a change in the real exchange rate changes a country's net exports. 2. why trade deficits tend to move to zero over time. 3. how foreign prices affect domestic prices. 4. the determinati..
Illustrate rate of growth in fuel costs justifies going ahead with the insulation plan? Make sure that the rate of growth and the discount rate are aligned in terms of periodss.
Using the aggregate demand-aggregate supply model, explain how the depreciation of the US dollar in terms of foreign currencies would affect the economy.
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
Describe the relationship between Sally's demand for food and, (a) Sally's income; (b) the price of food; (c) the price of clothing. Your answers should reference the demand function that you derived in question 1, and correctly apply the relevant..
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