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Suppose a firm's production function is given by Q=F(L,K) = 5LK, where L is the amount of labor and K is the amount of capital. For this particular Cobb-Douglas production function, MRTS(L,K) = (K/L). The wage rate is $100 per unit of labor and the rental rate of capital is $50 per unit of capital.
Find:
a) The least-cost combination of capital and labor if the firm produces 1000 units of output
b) The short-run cost function if the firm currently uses 10 units of capital
c) The firm's long run cost function
A Child in a tree house uses a rope attached to a basket to lift a 22-N dog upward through a distance of 4.7m into the house.
Suppose that since some base year, the the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period ..
When the market generates an equilibrium price, we know
Suppose that there is a fixed number of workers. Each worker is at a certain instance either employed or unemployed. The average duration of a period of unemployment is Du=10 months, and the average duration of a period of employment is De = 40 month..
Under one reform proposal for the U.S. Social Security system, part of the Trust Fund would be invested in stocks. The idea is that stocks have paid a higher average rate of return than government bonds in the past. Explain why this policy would prob..
A monopolist with a straight-line demand curve finds that it can sell one unit at $9 each or nine units at $1 each. Its marginal cost is constant at $2 per unit.
Requiring every American to get mandatory health care insurance has been a controversial part of health care reform debates in the United States. Putting aside other arguments for or against mandatory coverage, this policy would reduce
Suppose the country of Laurelstan has the following national accounts in 2010: GDP = 100, C=70, I = 40, G = 20, net factor payments (NFP) = 0 and EX = 20. What is Y = GNP in Laurelstan in 2010? What is the value of Laurelstan’s imports in 2010? What ..
Suppose the demand for apartment rentals in New York is Q = 1000 - P and the supply of apartment rentals is Q = 4P. What is the equilibrium price and quantity of apartment rentals in New York?
At the international price of $20/unit, domestic production is 5,000 units and domestic consumption is 6,000 units. With a 20 percent tariff, domestic production increases by 20 percent and domestic consumption decreases by 25 percent. What is the ef..
How many pups out of a litter of 5 must develop hip problems for the police department to take action against this breeder
Suppose that Omar’s marginal utility for cups of coffee is constant at 2.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the..
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