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Assume the marginal product of labor is MPL = 20 and the marginal product of capital is MPK = 50. In addition, the price of labor is wL = 10 and the price of capital is wK = 30. Then, if a manger wants to lower the costs of production, the manager should use
a) An equal number of workers and machines
b) More workers and more machines
c) More machines and fewer workers
d) More workers and fewer machines
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
You appoint an intern from Southern University to help you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3Q2.
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
Draw linear PFF representing the tradeoff between hot dogs and buns with 120 million workers available.
Fluctuating and rising gasoline prices. Make your analysis on this topic and relate it to the US economy. Determine the three or four segments of our economy that are affected through fluctuating prices for gasoline.
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
Graph the demand and supply curves. What is the equilibrium price and quantity in this market and if the actual price in this market were above the equilibrium price, what would drive market toward the equilibrium?
The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production.
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
Bertrand solution. How much each of the firms is producing and what is the resulting price and how much each of the firms is producing and what is the resulting price? What are the firms' profits?
Explain how a rise in incomes will affect the demand for computers, describe any assumptions that you have to make to give your answer.
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
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