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A company uses two variable inputs, labor (L) and materials (M), to produce its output. At the companys current level of output: CL = $10 / unit MPL = 25 CM = $2 / unit MPM = 4 a. Decide whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given the level of output b. Decide what changes (if any) in the relative proportions of labor and materials are required to operate efficiently
"The laws of supply and demand andicate that higher prices are ineffective in reducing smoking. In particular, higher cigarettes prices willn reduce the demand for cigarettes. This reduction in demand will push the equilibrium.
How much would it cost to fence exactly four such properties, which together would contain four square miles of area Now, consider how much it would cost to fence in four square miles of ranch land if, instead, it comes as a single large square
the demand function for einstein bagels has been estimated as followsqx -15.87 - 40.73px 84.17py 0.55ax where qx
Integrating Problem From the following figure referring to a natural monopolist, indicate(a) the best level of output, price, and profits per unit and in total for the monopolist,(b) the best level of output and price with a lump sum tax that would ..
now assume that the u.s. is a large country in this market with the same supply and demand equations given in part ii
What is Zynga's profit-maximizing number of games to be published and what is the total amount of the externality at Zynga's profit-maximizing quantity?
1. use the information in the table below to answer the following questions.nbspqavcatcmcmr1p1mr2p20
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Can you tell from the available information which product will generate the most revenue? If yes, why? If not, what additional information do you need?
you are the manager for dunkin donuts and know the following
The Law of Large Numbers explains why it is unlikely that the actuarially fair premium for an insurance policy will be the same for a small start-up firm
a software producer has fixed costs of 30000 per month and her total variable costs tvc as a function of output q are
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