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Q=sqrt(KL) or Q=K^(1/2)L^(1/2)
Where Q is output of ice cream, and L is labor hours. In the short-run K is fixed at 100.
If capital rents for $10 and wages are $5 per hour, state the Total Variable Cost (Short Run Total Cost) function.
Suppose the price of ice cream is $20 per gallon a. How many gallons will the firm produce? b. How much labor will the firm hire? e. Suppose the price of ice cream falls to $15 per gallon a. How many gallons will the firm produce? b. How much labor will the firm hire?
In a pure monopoly, the monopolistic firm is the only one selling the product, therefore there are no constraints on what the firm can charge or on the profit it can make. Do you agree? Why? Discuss various barriers to entry into an industry, explain..
General Electric paid its line workers $10 per hour last year when the Consumer Price Index was 100. Suppose over the past year that deflation occurred and the aggregate price level fell to 80. GE must pay its workers $ this year in order to keep the..
Based on your understanding of the gains from trade, do you think which these payoffs actually reflect a nation's welfare under the four possible outcomes.
An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours.
q.company xyz produces cellular phones brand greenberry at a yearly rate of 500000 units. its total fixed costs are 6
A free-market republican argues against the Pigouvian tax by pointing out that the conditions necessary for the Coase Theorem to produce an efficient equilibrium are present in this situation. Assuming that the republican is correct, describe two met..
Elucidate why does strong mono tonicity implies local non satiation but not vice versa
Define the opportunity cost of getting your degree by analyzing what steps and economic factors a potential student must make when choosing to pursue an education. Given your answer, is getting a formal college education worth your opportunity costs?..
When Seth told Anita, "Your plan for purr semester project is not going to work." she snapped back with, "I don't hear you coming up with anything better." Identify Seth and Anita's hypotheses, evidence, and conclusions.
Coffee prices in 1960 were .40 cents and are $1.65 in 2009. Income in 1960 was $10,000 and is $40,000 in 2009. Does this mean that society is worse off or better off in 2009 than in 1960? Under what conditions are consumers better off? Besides the ch..
Compute the present value of the bond when the interest rate is 8%. Must the yield to maturity be above or below 8%.
An alternative to rent-control laws that would not reduce the quantity of housing supplied is:
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