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Stroika Concrete makes bags of easy use concrete for the DIY market. The company mixes their concrete using two ingredients, "Great Grit" and "A1 Aggregate". Great Grit costs $1 per kilogram and consists of 20% fine sand, 40% coarse sand and 40% gravel. A1 Aggregate costs $0.75 per kilogram and consists of 10% fine sand, 50% coarse sand and 40% gravel. Each bag of Stroika concrete must contain at least 2kg of fine sand, 2kg of coarse sand and 6kg of gravel. What is the least cost combination of the ingredients that will satisfy the minimum requirements and what will be the cost of these ingredients per bag of concrete produced?
As an advisor to the project manager, Derrick Westmuller, illustrate what set of procedures would you advise they adopt.
Substitute the values of L* and K* in the total cost equations and obtain an expression for the total cost C*. then calculate the average and marginal costs and plot them. Illustrate what is the cost elasticity of output.
What labor market changes are responsible for the relatively frequent mobility of employees into new jobs and low tenure – duration with one employer?
Which is a characteristic of the German health care system?
A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L ^(1/2)K^(1/3) . The output price is 1,000 per unit and the cost of each unit of input is 10. In the short-..
Tweedledum and Tweedledee live along the Gulf Coast, where there is a risk of hurricanes but insurance providing either full or partial coverage is available at its actuarially fair price. Tweedledum is risk averse, whereas Tweedledee is risk seeking..
Illustrate what is the market elasticity of demand. What is your elasticity of demand in this Cournot oligopoly.
Which of the following would be a way that the government could encourage entrepreneurship in an economy? Which of the following statements are true regarding employment statistics? Which of the following best describes an economy that is in recessio..
q.consider two goods that are perfect complements. for instance car frames and tires. an individual likes owning cars
One reason for raising interest rates was the prospect of a refinancing issue: a $12 billion issue matures April 1, and the government is expected to seek some new money, in excess of its refinancing needs. Why doesn't the government get the central ..
q.it is now january 1 2012. today you will deposit 1000 into a savings account that pays 8.a if the bank compounds
Evaluate the U.S. nursing shortage in terms of demand and supply.
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