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A firm, when the capital is fixed at K in the short run, the labor demand is given by L(Q) = Q2/K, and the short-run cost is given by STC(Q; K ) = Q2/K + 100 K
Compute and plot short -run average and marginal cost functions. Find the capital demand K and labor demand L of the firm in the long-run.
Compute its long-run cost function TC(Q). Show the relationship between short-run and long-run total cost curves by drawing STC(Q; K ) and TC(Q) on the same graph.
Imagine the country of Zed, which has the following production possibilities curve: What is the opportunity cost between tanks and noodles? Is it constant? What is the opportunity cost between tanks and noodles? Is it constant? Graph the ppc. True, f..
Consider the marginal cost for a product like Microsoft Windows 8. How does the marginal cost for a product like this differ from a product like automobiles? What relevance might there be to this difference?
Consider a market with demand function D(p) = 1000 ? 10p and aggregate supply function S(p) = ? 200 + 20p if p ? 10 [and S(p) = 0 otherwise]. Compute the competitive equilibrium price and quantity, as well as the equilibrium value of consumer surplus..
People often argue that economic rewards in society should be meritocratic, that is, that everyone should have an equal opportunity to get ahead and those that do succeed because of their greater ability, hard work, and so on, should then be allowed ..
Johannes has a utility function given by U=xy/(x+y) where x is the amount of product 1 consumed per period and y is the amount of product 2 consumed per period. Johannes’ monthly income is $200. Find Johannes’ utility maximizing consumption levels fo..
Online Cosmetics: Australian cosmetics maker, Eternal Beauty Products, pressures online retailers to either sell goods at prices charged by brick and mortar stores or risk being cutoff. If online retailers are paying the same wholesale prices, why wo..
What is one cited reason why healthcare expenditures are so high in the United States? Behavioral economics studies how __________ influences the decision-making process. What is one cited reason why healthcare expenditures are so high in the United ..
Show the effects of an increase in the total factor productivity, z, on the Laffer curve, on the equilibrium tax rate, and on consumption, leisure, the quantity of labor supplied, and output.
As a financial institutions and market analyst for MoreGaine Securities, a highly reputable financial institutions’ securities underwriter, you must prepare an analysis of the financial condition of a broad range of financial insitituions of various ..
If shoes and socks are complements and both are normal goods, show graphically what would happen to the consumption of shoes and socks if the price of shoes decreased. consumer incomes increased.
In what sense does the Fed "create money"? Suppose that the minimum required reserve ratio for banks was 1/11. Also suppose that banks held no excess reserves and that currency in circulation was unchanged. What action in the Treasury bill market wou..
There is an ongoing debate on how the unemployment rate is measured in the economy. Some people argue that the reported (official) unemployment rate actually understates the extent of unemployment in the economy. What are your opinions on official ra..
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