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The production process used 2 inputs: Labor (L) and Capital (K). The production function is Q = min{2L,K} , the price of L is $3 and the price of K is $6. What's the minimum cost that the firm has to pay to produce 8 units?___
The production process used 2 inputs: Labor (L) and Capital (K). The production function is Q = 2L + 3K , the price of L is $3 and the price of K is $6. What's the minimum cost that the firm has to pay to produce 72 units?___
Under contributory negligence, the negligence of any plaintiff that causes or contributes to the injuries a plaintiff complains of will be grounds for dismissal. If the case is brought in a state where contributory negligence is the law, on what basi..
You are thinking about becoming a Paradise Coffee franchisee. Franchisees are offered a business specializing in producing an exclusive line of exotic coffee drinks (similar to Starbucks). What is the estimated explicit (accounting) cost of your prop..
Explain the implications of the global monetary system for currency management and business strategy
Hello there. I'm the mayor. I know some people don't like inflation. I'm not crazy about it -makes me look bad to the voters.
The Townsville City Council is considering a proposal by the mayor to construct a recreational facility at a cost of $1.0 million. The facility is expected to have a useful life of 30 years during which operating costs are expected to average $100,00..
Explain how the opening of trade can lead to an increase in money wages in a capital abundant country if capital is immobile between sectors.
Describe "how" producer surplus is measured? What happens to producer surplus when the price of a good rises - all other things equal.
There is a pre-tax price of 5 cents per ounce on sugary beverages and they are imposing an excise tax of 1 cent an ounce. The per capita consumption is 100 ounces. Price elasticity is -1.2. What is the post tax per capita consumption?
Suppose the firm chooses this input combination. What is the firm's short run cost function? What are the firm's fixed costs? What are the firm's variable costs?
A specialty concrete mixer used in construction was purchased for $300,000 7 years ago. Its annual O&M costs are $105,000. At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer..
Briefly outline the difference between diminishing returns to a factor and decreasing returns to scale. Does either of these situations confirm production.
Calculate GDP loss if equilibrium level of GDP is $10,000, unemployment rate 8.8%, and the MPC is 0.75. How much money should the government spend to eliminate this GDP loss? List three reasons why the aggregate demand curve is negatively sloped (dow..
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