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Susan's Umbrellas has a production function given by Q = 10K0.5L0.5, where MPL = 5K0.5/L0.5 and MPK = 5L0.5/K0.5. Susan is using 9 units of capital (K) in the short run. The wage (W) is $80 per day and the rental rate per unit of capital (R) is $5 per day. What is Susan's total cost of producing 60 umbrellas?
Suppose there is a temporary but significant increase in oil prices in an economy with an upward-sloping Short-Run Aggregate Supply (SRAS) curve. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price i..
If n, d, z, α, s are the same for two country A and country B, but today the level of capital per capita is higher in country A. What does the Solow model predict for the short term growth rate of income per capita for these two countries? What is th..
Identify the peculiarities of tourism as a product compared with everyday goods and services which consumers may demand. Why is prepurchase consumer decision making particularly important in travel and tourism demand.
Calculate the real interest rate over the past 24 months using the 30 year Treasury bond rate as the nominal interest rate and assuming that expected inflation was equal to actual inflation (based on the change in CPI). Make sure to include the fishe..
What is the Law of Diminishing Returns. Discuss a company's two short run options: 1. stay open or 2. shut down.
Reading: Haller, S. F. & Gerrie, J. (2007). The Role of Science in Public Policy: Higher Reason, or Reason for Hire? Journal of Agricultural and Environmental Ethics, 20(2), 139-165. Retrieved from ProQuest database.
This graph plots the supply curve for the sellers (orange squares). You need to add the demand curve. Plot the buyer values by dragging points onto the graph (blue circles). Tool tip: For information on using the graph tool, click the Help button.
Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq, now assume that the first firm moves before the second firm. Compare the..
What is difference between a change in supply and a change in quantity supplied? How the following factors will affect the supply curve? (your answer must be supported by a neat diagram):
Your company headquarters is within the United States in a state with no state income taxes. The company does before tax analysis using a MARR of 14.84%. The company expects its revenue in the current year to be $18,500,000. You are asked to do an af..
The demand for inputs is derived from the market demand function. With inelastic demand, aprice increase produces lower marginal and total revenue. Two products are complements if the cross-price elasticity of demand equals zero.
Garden plots at the Aches and Pains Elderxare facility rent for $1 per square foot per month. Lucky has $100 per month to spend on her garden and bus with each bus ride costing $5. The good news is that Lucky's children will pay for half the cost of ..
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