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Having a little trouble setting this problem up. Would appreciate the detailed set up and solution.
A production function has 2 inputs - labor and capital. Both are perfect substitutes. Existing technology permits 1 machine to do work of 3 workers. The firm wants to produce 100 units of output. Suppose the price of capital is $700 per machine per week. What combination of inputs will the firm use if each worker is paid $300 per week? What combination of inputs will the firm use if each worker is paid $225 per week? What is the elasticity of labor demand as the wage falls from $300 to $225?
You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. What is FunMeals elasticity of demand? Is demand elasticity, inelastic, or neither?
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
An interesting example of strategic behavior comes from the 1997 article regarding Microsoft's investment in Apple (New Straits Times, 1997). The article is included in Required Readings list.
Assume that macroeconomic forecasters predict that the economy will be expanding in near future. How might managers employ this information
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
What business will you go into, and what will comprise your fixed and variable costs? How could your business take advantage of economies of scale?
The following data is presented on two mutually exclusive projects under consideration by the XYZ Company: Compute the following values for each project using the time value tables and Microsoft Excel.
Current economic theory and their application or lack of application to contemporary economic problems
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).
What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
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