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Consider the following graph, and answer questions a through e. If you perform calculations, show me your work.
a. If the price of capital is $7.50 per unit what is the per unit price of labor?
b. How many units of labor should the firm use in order to produce 400 units of output at the least cost?
c. The minimum cost of producing 800 units of output is what?
d. How many units of capital should the firm use to produce 800 units of output at the lowest cost?
e. The minimum cost of producing 1,200 units of output is what?
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
Discuss how inflation affects the rate of return required on the investment project, and the distinction between a real and a nominal (or‘money terms') approach to the evaluation of the investment project under inflation.
Explain the relationship between AP and MP. Be sure to use graphs to help support your answer. Calculate the MP and the AP for each worker
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Use a graphical illustration to describe briefly what the influence on the market supply of labour
BAA is a private company that operates some of the largest airports in the United Kingdom, including Heathrow and Gatwick - The additional cost BAA incurs each time one of the 90 different airlines utilizes the runway is £950 provided 70 or fewer ai..
A company wants to prepare the demand curve for its product that it is selling. How would it get the information to prepare the schedule? How could a company prepare the demand curve for the new product that has not been seen by the public?
Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
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