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A construction site uses two types of workers – skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S -5S2 + 50U – 5U2 Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $50,000 for equipment for the skilled workers. The company has a daily budget of $1,500 to hire skilled and unskilled workers.
a. How many skilled and unskilled workers should be hired in order to produce the most pavement? Show your work/thought process:
b. What is the profit-maximizing Q?
Confused and cannot find much information about the Keynesian model? According to the Keynesian model, what are the two components of consumption spending? What factors determine how consumption changes when real disposable income changes?
A man went to his bank and borrowed $750. He agreed to repay the sum at the end of three years, together with the interest at 12% per year, compounded annually. How much will he owe the bank at the end of three years?
When the average total cost curve is rising, then the marginal cost curve will be?
The can industry is composed of two firms. Suppose that the demand curve for cans is P=100-Q where P is the price (in cents) of a can and Q is the quantity demanded (in millions per month) of cans. What are the price and output if managers set price ..
What does equilibrium GDP means? How net exports affect aggregate expenditure in the economy? How prosperity abroad affects our exports? What happens when there is disequilibrium situation? When GDP is less than the equilibrium. When GDP is more than..
The firm must pay a fi xed cost of $80 if it produces any positive amount, but does not have to pay this cost if it produces no output. Illustrate what is the smallest integer price that would make a firm willing to produce a positive amount.
Assume that you are going to start a small business of your own. Describe the business and, utilizing the concepts of this unit and the earlier units, discuss: What costs you would incur; What competition you might experience;
Then, in the year after the 10 payments are made, you will receive 10 annual payments of $500 each. Your personal discount rate is 7.5%. Should you purchase the insurance product?
q1. derive step by step the steady state level of capital and output per worker for each one of the models below basic
Suppose that the market demand curve for bean sprouts is P=880-2Q, where P is the price and Q is total industry output. Suppose that the industry has two firms, a Stackleberg leader and a follower. Each firm has a constant marginal cost of $80 per un..
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% inhalation. His preferences for inter temporal consumption are represented by the following utility function U (c1 ; c2 ) = c1 + c2 ...
Probability calculation Involving Random Events These calculations involve the use of the empirical rule since all elements available for selection have the same chance of being chosen. Quantify the events, the Event to be calculated and he sample sp..
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