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Consider a market in long-run equilibrium, where the firm’s mix of inputs is the cost-minimizing mix of inputs. a. Use a graph that includes isocosts and isoquants to illustrate cost minimization for a firm producing q units of output. b. Verbally explain the conditions that must be present for a firm to minimize its cost of producing a certain quantity of output. c. Holding output constant, illustrate and explain the effect a decrease in the price of capital has on the cost-minimizing mix of inputs. d. What effect, if any, does the decrease in the price of capital have on the firm’s marginal cost of production? Explain. e. Does a change in the price of capital affect the firm’s profit-maximizing output? Explain. f. What effect does a reduction in the price of capital have on the firm’s demand for labor? Use the analysis from above to explain your answer
ms. smith the owner and manager of the clear duplicating service located near a major university is contemplating
Discuss why the number of children that a family has may differ in an Industrial Society and a Third World Agrarian Society.
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
you are a member of a presidential commission appointed to consider a mandatory national health insurance plan and the
What is the present worth of the total 20 payments, occurring at the end of every four months (i.e. the first payment is in four months), which is $400, $500, $600, increasing by a fixed sum. Interest is 12% nominal per year, compounded monthly.
Merlin is like all other managers in a perfectly competitive industry except in one respect: Because of his great sense of humor, people are willing to work for him for half the going wage rate.
A bumper crop of oranges in Florida last year drove down orange prices
which of the following statements about the distribution of physicians among specialties is true in the united states?a
Suppose the demand for gizmos is given by the following expression: P=20-5QD +4 I (Income) In this expresiion, P is the price gizmo, quantity is given in millions of units, and I is income.
Estimate the price Elasticity of demand for subway rides
Discuss how forward and options contract can be used by the company to hedge its exposure to exchange rate risk.
The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought d..
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