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Suppose that a firm's technology is given by the following production function:
f(k,L) = 6k^1/6*L^1/6
1. Prove that this production function exhibits diminishing marginal product in both and . This is not the same thing as decreasing returns to scale.
2. Prove that this production function exhibits decreasing returns to scale.
Suppose that the rental rate of capital is $10, the wage rate of labor is $10, and the price of output is $40.
3. What is the profit-maximizing quantity of capital and labor?
4. What is the profit-maximizing quantity of output?
5. What is the maximum profit for this firm?
The manager of oconomowoc rock co is under the impression that the average truckload delivered is 4500 lbs. a stockholder contends that this is an overinflated figure to lure new investors. he randomly sampled the records of 25 trucks and found the m..
You are trying to sell your audio system (an amplifier and speakers) to raise money for an upcoming trip to overseas. The system works great, and audiophile friend tell you that if he were in the market for this kind of equipment (which he isn’t), he..
Research shows that much more money is spent on medical care for the elderly today than 50 years ago. What is the likely reason? Do today’s elderly tend to be sicker and more likely to be disabled than in prior years?
The corresponding full employment level of nominal GDP must be $___ trillion dollars.
Which of the following statements best captures the concept of deadweight loss?
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
What do each of the following areas tell us about the recent health of the economy? Corporate profits, Labor force and the unemployment rate, and C. The consumer price index and its components
A. Describe the phases of the business cycle. B. Explain what is happening to GDP and unemployment at each phase of the cycle.
What are the positive and negative aspects of budget deficits and surpluses? What policy is best for today's economy? Explain your answer.
By showing the behavior of both a monopoly and a dominant firm in the same graph, show that monopoly profits are greater than the profit of a dominant firm in the no-entry equilibrium. Show how much consumers benefit from buying from a dominant firm-..
suppose in a country the real growth rate is 4 and the real interest rate is 6.a calculate the constant debt-gdp ratio
q1. use the internet to research an oligopoly not discussed in the text. from the e-activity describe the oligopoly you
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