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Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L)
a. If the firm is using 4 units of capital and 3 units of labor, how much output are they producing?
b. Is this firm operating efficiently? Why or why not?
c. Suppose this firm wanted to increase production to 40 units, how many workers (L) and machines (K) should they employ, given w = 10 and r = 15? Draw the Isoquant and Isocost curves associated with producing 40 units at the lowest cost.
How can free market features can be introduced to help alleviate unaffordable rental costs through free market operations of supply and demand?
If each of the firms sets its own output rate to maximize its profits, assuming that the other firm holds its rate of output constant.
Operations manager estimates assembly time required for first two units to be 10.4 hours and 8.3 hours, respectively. What is appropriate learning curve.
Jack is in the umbrella making business. The economic cost of each umbrella is $2. Illustrate what are the formulae for both the average economic cost curve and marginal cost curve.
The cost of building a new high speed railway system is reported to be high at 25 billion. Does it necessarily follow that the high speed railway is not worth building?
She argues that this process will make for better utilize of information within the organization. The same concept could be applied beneficially within the corporation.
Economic and Ethical Issues of Pricing Assignment Description
What, how and for who apply to the following the economic decision. Should the company makes its own spare parts or buy them from an outside vendor.
With the rise of the Video on Demand market, which threat is likely to have the least impact on Netflix’s streaming service business?
suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
Also assume that the per unit cost of capital is $10. Since the firm has two units of capital, the firm's total fixed cost is $20. Also assume that the cost of each unit of labor is $50. What is the average total cost when two units of labor (L) a..
Describe the concept of opportunity cost with example. What would be your opportunity cost of taking on-line classes to get a degree at your University as compared to taking classes at traditional day schools at your University?
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