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An accountant for a car rental company was recently asked to report the firm's costs of producing various levels of output. The accountant knows that the most recent estimate available of the firm's cost function is:
C (Q) = 100 +10Q+Q2
where costs are measured in thousands of dollars and output is measured in thousands of hours rented.
1. Given the following production function: q = 10KL. a) If w = 25, r = 75, and C = 1200, mathematically find the minimum cost combination of capital and labour to produce a given level of output.
Write down an equations for total revenue and marginal revenue.
Suppose the following information for a country: total population, 500; population under 16 years of age are institutionalized, 120; not in labor force, 150; unemployed, 23, part-time workers looking for full time jobs.
The idea that countries should produce and sell goods that they produce most effectively and efficiently, and buy goods that other countries produce most effectively and efficiently, is known as.
Think a nation with no income maintenance program that enacts an Earned Income Tax Credit similar to United States.
Suppose that Bank of America makes the maximum loan they can from the funds you deposited. Use a T-account to show the initial effect on Bank of America's balance sheet from granting the loan
The fear of unwanted price wars may explain why many firms are reluctant and suppose that a new machine tool having a useful life of only one year costs $80,000. Exam: 050474RR - MACROECONOMIC MODELS AND FISCAL POLICY
Discuss within your Learning Team how and why the U.S.'s deficit, surplus and debt
Susie is at the grocery store buying milk. She has a choice between milk from Dairy A or milk from Dairy B. She doesn't actually care at all which dairy her milk comes from. (a) Draw a possible indifference curve for Susie between milks A and B.
What is the combined (total) demand schedule for Belgian cocoa beans that European and USA consumers buy?
The fixed cost is zero for both firms. The two firms want to merge. They argue for the merger on the grounds that marginal production costs would fall to 10 for all units of output after the merger since all production woul be at the low marginal ..
So many states provide firms with an investment tax credit that effectively reduces the price of capital.
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