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Assume that a firm has the following production function: Q=30K^1/3 L^2/3, where K is the number of machines and L is the number of hours of labor. The firm has 8 machines it purchased at a price of $50 each and it will be unable to obtain any more machines for the relevant time period. The firm's output sells at a price of $2 per unit, and labor costs the firm $20 per hour.
a) Whats the firm's VMPL function?
b) How many hours of labor should the firm employ?
c) What will be the firms total profit?
Suppose the monopolist faces the following demand curve: P = 100 3Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. What is the monopolist’s profit maximizing level of output? What price will the profit maximi..
Which of the following is NOT an argument offered by the text as an argument against population and birth control?Fertility reduction is not worth the medical risks of using the medical means of population programs.
$150,000 is deposited in a fund that pays 5% annual compound interest for 2 years, 3% annual compound interest for 2 years, and 4% annual compound interest for 2 years. If uniform annual withdrawals occur over the 6-year period, what will be the magn..
Could trade help reduce poverty in Brazil and other developing countries. How do product and factor prices and wages eventually equalize between the two countries.
Provide three examples of scarcity that illustrate why even the 1,210 billionaires in the world face scarcity. 2. Label each entry in List 1 as dealing with a microeconomic topic or a macroeconomic topic. Explain your answer. Use the following inform..
You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are n..
Does anyone know of any work on banking system behaviour, and in particular the governing regulatory frameworks that applied between the 1973 collapse of the gold standard based Bretton Woods system and the introduction of the Basel Accords and capit..
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. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
Break out the components of the $28 marginal revenue from the seventh unit sale at $38.31-that is, how much revenue is lost per unit sale relative to the price that would move six shirts per color per day?
Patrick enjoys consuming chocolate but really detests broccoli. Describe the shape of Patrick's indifference curves for these two goods and explain your reasoning. Jaime enjoys both iced tea and hot dogs. Explain why Jaime's indifference curves for t..
What is the impact on the market for abdominal surgery usin this new technology?
You are the president of a commercial bank that is also a member of the federal Reserve System, and you wnat to increase your bank's reserves. but you currently have negative excess reserves, how would you raise your bank's reserves? what effects wou..
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