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A firm manufactures widgets according to the production function Q = 8L3/4 K1/4, where Q is the number of skis made, K is the amount of capital, and L is the amount of labor employed. The firm is currently producing Q = 120 using L = 15 and K = 15. The factor price of Labor (w) is $10 and the factor price of Capital (r) is $2. The firm suspects that it is not minimizing the cost of producing Q = 120 and has hired you, a student taking a course with the most famous economist in campus, to help it understand the nature of its inefficiency. a) At the current level of production (Q = 120) what are the marginal productivities of Labor and Capital respectively? MPL = Answer MPK = Answer b) What are the current cost of production for the company? TC = $Answer c) In order to minimize the costs of production the company should use more Answer d) In order to miminize costs of production the company should use the following input ration: K = Answer L e) Say the company wanted to continue use the same total costs as to when K and L = 15, and instead produce more output. How much output can the company produce? Q2 = ?
Which of the following is an interest rate target specified in the FOMC directive?
If Farmia opens trade with a country with identical tastes, what will happen in short run to: Farmia's production of wheat and coffee. What information or theorem did you use as basis for you answer.
How does the Cournot model of oligopoly differ from the Stackelberg model?
Assume you were told to prepare a table of factored values for calculating the future worth of a geometric gradient series. Determine the first three values for an interest rate of 10% per year and a rate of change g of 6% per year
Technology is viewed by economists as a source of comparative advantage but technological advantage is often transitory. Use the Product Life Cycle (PLC) Theory to explain the role of technological innovation as a key determinant of the trade pattern..
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift this function? A change inures remuneration from salary to fee for service. A change in the case mix of patients,..
You have opened a retirement account that will pay 4% interest per year. You plan to deposit 8% of your annual salary into the account for 40 years before you retire. Your first year's salary is $48,000, and you expect your salary to grow 3.5% each y..
A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying cost $120,000, and you have saved $12,000 to meet the requirement for a 10% down payment. What is your monthly payment? If you are transferred in ..
The demand curve for higher education in Tallahassee is P=120-2Q. Assume the only two colleges in town are FSU and FAMU. Each university faces the cost function TC=6Q. Both colleges get together and successfully collude to fix price at a profit maxim..
Bright horizons a monopoly firm, offers a selection of light bulbs for sale. The product costs c = $40 to produce. The product may fail with probability 0.2, hence it is fully operative with probability = 0.8. This probability is public information i..
how fiscal policy can ‘stabilize' economy. What about government borrowing and public debt.
ACME manufacturing has the linear short run production function Q = 13K + 2L + 41M, where K is capital, L is labor and M is raw materials. Its stock of capital and raw materials are fixed at 5 units each; input prices were $8 for capital and $16 for ..
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