Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. (12) A firm's production function is qi = .2*Ki.2Li.4. The wage rate in this area is w = $15, and the cost of capital is r = .05. a. Find the firm's short run cost function, if Ki is fixed at $100,000. b. If the good is exported around the world at a price of $100, what is the firm's optimal output, and what is its profit or loss? (We would describe this as "perfectly elastic demand" for this good) c. Now suppose that the price is not known. Derive the firm's short run supply function qi (P). (hint, follow the same steps as in b, but replace the $100 value with the variable, P) d. Now imagine that time passes, such that Ki can be adjusted to reflect market conditions. What is the firm's long run cost function? What is its long run supply function? How much would it produce if P=$100? What would be its profit or loss?
2. (12) Repeat question 1, but assume the firm's production function was qi = .2Ki.6Li.4. If there are any parts to questions a-d that you cannot answer, explain why.
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land Elucidate how.
Which of the following is viewed as a fundamental building block of the U.S. economic way of thinking?
How important is the existence of a significant barrier to entry to maintaining a monopoly? What would be the result if a monopoly market could be easily entered?
The distinction between safety and health is based on the distinction between _______. Employers can defend themselves from responsibility for a workplace accident by claiming that _______. The requirement of truthful labeling is an instance of the m..
Calculate the yield to maturity for each bond. Calculate the expected annualized compound rate of return over the five years for each bond. Which bond offers the higher expected compound rate of return?
State briefly the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly.
What did the Federal Reserve do to combat the nancial crisis that accompanied the Great Recession of 2007-2009? What problems is the Federal Reserve currently having to deal with as a result of these activities?
Determine the minimum average cost of the firm with these different order sizes.
Assume that the newspaper can't differentiate students from teachers and can only charge a fixed price per article.
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. Discuss how this scenario relates to..
explain how much consumer spending takes place. Which of the following is something that they would include in consumer spending.
Illustrate what will be the level of output and price in the long run if this industry were perfectly competitive.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd