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Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. a) Explain why the cost/hour of producing 1000 gumballs is 2v+w (where v is the hourly rent for gumball presses and w is the hourly wage). b) Assume Acme can produce any number of gumballs they want using this technology. Explain why the cost function in this case would be TC=q(2v+w), where q is output of gumballs per hour, measured in thousands of gumballs. c) What is the average and marginal cost of gumball production? d) Graph the marginal and average cost curves for gumballs assuming v=3 and w=5.
Using human capital theory elucidate what these dangers are. While there may be good reasons for heavily subsidizing university education, there are also some dangers in it.
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. Compute the price elasticity of demand between these two points. Compute total revenue at the three meal prices
The firm must pay a fi xed cost of $80 if it produces any positive amount, but does not have to pay this cost if it produces no output. Illustrate what is the smallest integer price that would make a firm willing to produce a positive amount.
Why is it poor judgment for the government to regulate a natural monopoly to operate at Price equal to Marginal Cost?
A researcher reports an independent-measures t-statistic with df = 30. If the two samples are the same size (n1 = n2), and population variances are equal, then how many individuals are in each sample?
Suppose that, initially, the Michigan economy is in equilibrium with no unemployment. The supply of workers is ES = -1,000,000 + 200w, and the demand for workers is ED = 16,500,000 – 300w, where w = annual wages, and E = number of employed workers.
If David's only illness this year results in an appendectomy, explain how many days will he choose to stay in the hospital.
Elucidate how does N the number of firms in the market, affect each firms Demand curve. Explain why.
assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze, since each additional cow has less grass to eat than the previous one.
calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
What strategy does P&G appear to be moving toward? What are the benefits of this strategy? What are the potential risks associated with it?
q1. assume that a leader country has real gdp per capita of 40000 whereas a follower country has a real gdp per capita
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