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Assume that the production of lollipops is one of fixed proportions. To produce one case of lollipops, it takes 0.5 person-hours and 1 machine-hour. Assume that the hourly wage rate is $9, and the hourly rental rate is $25.
a. Draw the expansion path for this production, including the isoquants q = 15 and q = 30, the cost minimizing combinations of L and K ((L*, K*) & (L**,K**)), and the associated isocost lines.
b. In a new graph, sketch the LR total cost curve, including the total cost for q = 15 and q = 30. Is the LR TC curve linear, convex, or concave? (Hint: think about returns to scale.)
c. In a new graph, draw the MC curve.
Compare to provide also demand conditions in both locations. How many people live in every place.
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In August 1994, a Mexican peso was worth 30 cents. A year later, it was worth only 16 cents since the political turmoil substantially increased the risk premium on Mexican assets. Using the Mundell-Fleming model,
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Over which range of production, the marginal product of the variable input would be increasing in the short run.
Go to the Bureau of Labor Statistics website, www.bls.gov/news.release/empsit.toc.htm, and click on "Employment Situation Summary"
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When medical care is reimbursed through employer provided insurance whose welfare is ultimately affected when cost of medical care rises: the owners of the firm that pays the premiums, the government whose revenues are reduced because insurance benef..
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