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Given the following Production function: Qp = 100 K-0.5 L12.3 L20.35 Lfor a company whose output is developed by a firm with one capital (K) and two types of labor inputs. Derived the elasticities for each input and interpret your results.
Consider tastes that are defined by function u(x, y) = x^2 + y^2. The MUx = 2x & MUy = 2y. Do these tastes have diminishing marginal rate of substitution? Are they convex? Explain your answer.
How do you think each of the following affected the world price of oil? a) A major war began in the oil-rich Middle East. b) The Alaskin oil pipeline was completed. c) The ceiling on the price of oil was removed. d) Oil was discovered in the North Se..
Question 2.2. Before Keynes, most economists and politicians believed in a cyclically balanced budget.
The marginal damage to your neighbor's business is a function of how many alligators you keep and the amount of money spent on a fence that separates your properties:
A manufactures of a well-known brand of toothpaste is considering changing the way he prices his tooth paste. Currently, he is selling it at $5.00 per bottle. He hired a college professor of economics to estimate the demand function for the product.
Does this model of coverage afford well or poorly with the model of demand for insurance set forth? What should we conclude from this?
A firm faces the demand curve Q = 20 – 0.8P and marginal cost MC = 2.5Q. If the firm cannot price-discriminate, what is the profit-maximizing price and quantity? If the firm can practice perfect price discrimination, how many units will it sell?
Recreation & Sports Equipment Corporation sells a product that is capable of seriously injuring consumers who misuse it in a foreseeable way. Does the firm owe an ethical duty to take this product off the market? What conflicts might arise if the fir..
Suppose that the manager of a firm operating in a perfectly competitive firm has estimated the firm’s AVC function to be: Determine the firm’s supply curve. What should be the industry price for the firm to produce 400 units of output in each period?
A business opportunity has presented itself to you and one of your classmates. Your opportunity is to enter the fast growing craft beer industry. Your projected sales in the first year is 7500 kegs. The equipment will be depreciated using straight li..
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to the overall level of U...
Assume the following values of an economy. What is the equilibrium income? What is the value of saving at equilibrium? Does the saving and Investment Identity hold true at equilibrium income OR GDP?
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