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A firm has a production function Q=F (K, L) with constant returns to scale. Input prices are r=$2/ K-unit and w=$1/L-unit. The output expansion path for this production function at these input prices is a straight line through the origin. When it produces 5 units of output, it uses 2 units of K and 3 Units of L. How much K and L will it use when its long-run total cost is equal to $70? How much will Q be? What is its LAC?
A study by the centers of disease control (CDC) found that 23.3% of smokers are adults and that roughly 70% of those who do smoke indicate that they want to quit (Associated Press, July 26, 2002).
A corporation purchased a computer system for use by the firm's engineers. The system cost $500,000. At the end of its depreciable life, the salvage value for the system is $25,000. Compute the depreciation and book value schedule using the MACR..
Yo=1200 Y=C+I+G C=130+.5(Y-T) I=(-400)-(10R) G=150 T=50 1. Compute private savings 2. Compute public savings 3. Compute the value of the equilibrium real rate of interest (R) 4. Suppose G rises from 150 to 200. What is new R?
Suppose we have a single-variable input production function such a Q=f(L), where L is the number of workers and Q the quantity of output per day. Workers are paid a flat salary of $200 per day.
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Weekly demand and cost relations for Sandpiper Products, Inc., are given by the equations P = $180 - $10Q (Demand) TC = $75,000 + $5Q + $7.5Q2 Where Q is the quantity produced and sold per week. a. Determine the profit maximizing price and output. (Q..
There are 168 hours in a week. Of these, about 60 hours will go to sleeping (more or less). That leaves 108 hours for which we have a choice in terms of how we will spend that time. Let's assume that we will spend the 108 hours in either work or l..
Each of these customers are willing to purchase cable service, but only if the price is just equal to, or lower than, his or her willingness to pay. Morgan's willingness to pay is $180; Larry's, $100; Clyda's, $70; Janet's, $40; and Tom's, $0.
Recall from introductory economics that an raise of $1 in government spending may raise GDP through more than $1. The exact value by which GDP goes up is multiplier.
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
Determine the proper equations to find PW of each machine. The cost of money is 10% per year. Machine X Machine Y Initial cost, $ -55,000 -46,000 Annual cost, $/year -10,000 -15,000
A small business hires a consultant to predict the increase in weekly sales of their product when advertising is increased to $750. Over the past the consultant finds that the average spend on advertising is $500 per week and the average weekly sa..
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