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Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. The production function for Sonoblasts is given by the formula Q = 2KL where Q is in units of output per period, K is in machine-weeks per period, and L is in labour- weeks per period. The machine rental rate r is $512 per machine-week and the wage rate w is $128 per labour-week. In the short run, K is fixed at 4 machine-weeks per period. a. Give the formulas for the short-run production function and the marginal product of labour (MPL) function. b. Express variable cost (VC), total cost (TC), and marginal cost (MC) as functions of L and as functions of Q; and average variable cost (AVC), average fixed cost (AFC) and average total cost (ATC) as functions of Q. c. At what level of Q is ATC minimized? What are the values of ATC and of MC at this level of output?
assume the tax multiplier is estimated to be 1.5 and the aggregate supply curve has its usual upward scale. suppose the government lowers taxes by 150 million. aggregate demand will increase or decrease and by how much?
Please explain what is meant by the term informational asymmetries. What problems can these asymmetries create for participants in the money and capital markets and the financial system?
Explain this statement: “Monopolists can set price and output since they are the only producer, but this does not necessarily guarantee they will make a profit.”
Assume that the dairy industry is initially in a perfectly competitive equilibrium. Assume that, in the long run, the technology is such that average cost is constant at all levels of output. Suppose that producers agree to form an association and be..
A firm faces a demand where q=20-P. q is quantity demanded, P is price. Its total cost function is TC = 2q^2 + 2q + 20. How many should it produce to maximize profit? What is the price it charges to its consumers?
Sales promotions are expensive to administer and can be fraught with legal complications. Sales promotions yield their most positive results when carefully integrated with the overall advertising plan. Identify which of the sales promotion techniques..
q.why was firm examining in support of antitrust behavior? categorize some of costs financial and non-financial
An engineering company requested that $500000 be spent on software and hardware to improve the efficiency of some control systems.
Compare the competitive price charged and quantity produced under perfect competition and monopoly. Other than identifying the presence of only one producer under monopoly, why do we tend to see this differential.
Which of the following items are not considered resource costs even though they are counted as income paid to persons?
q.as weve been discussing and identifying the issues that our local and global communities currently face how do you
If there are two firms in the market, what are their profits after taking into account the entry cost?
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