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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.
Who is the winners and losers from using corn to produce ethanol (gasoline)? Identify some of the unintended consequences of using corn to produce ethanol (gasoline).
You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation.
Explain how your own current household budget, tastes and preferences, and future expectations determine how much of each of these products you purchase in a year. Describe the benefits (utility) you get from each product and service. Suppose the pri..
Under what conditions are cournot and bertrand equilibria the same? You may assume the market demand is p = a ? bQ. Consider when firms are identical and different. If not, please explain why.
If a tax were to be imposed on one of these items, for which item would the tax be the most efficient.
The costs of inflation include:
What would be the resulting effect on equilibrium price level? Explain. What will be the effect of the different tools of fiscal policy to stabilize the economy?
Home produced 450 bushels of pears also 1050 cellular phones. This year it produced 450 bushels of pears also 2000 cellular phone.
Illustrate what was the value of the government expenditure multiplier. Suppose that investment declined by $40 to a level of $60. What will be the new level of equilibrium income.
Only incremental cash flows are relevant in project analysis, the proper incremental cash flows are the reported accounting profits, and thus reported accounting income should be used as the basis for investor and managerial decisions.
An increase in the price of a good causes a:
what would your advice be to Congress? You must include the implications (the consequences to business and workers) in your analysis?
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