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Suppose a firm produces widgets on two assembly lines and operates with the following Total Cost function: TC = 3x*2 + 6y*2 - xyWhere x represents the number of widgets produced on one assembly line and y the production on the second. The firm is under contract to produce 20 widgets.
(a) Use the Lagrangian method to calculate the least-cost allocation of production to the two assembly lines.
(b) What is the firm's total cost equal to if it fulfils its contract?
(c) Give an economic interpretation to the value of the Lagrangian multiplier.
(d) Should this firm accept an offer of $60 to produce an additional widget? How about an offer of $80? Explain.
The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table.
A monopolist's demand curve is described by Q = 50 - 0.5 P The firm's cost function is TC = 10 + 2 Q a) Find the profit-maximizing quantity and price. b) If the industry is regulated in a way that requires it to set P = AC
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Tamara received $500,000 from an insurance company. She wants to to deposit this in a savings account that earns interest at a rate of 6% compounded monthly. Then she would like to make 60 equal monthly withdraws over five years.
Tabulate or graph the results; Analyze and discuss the results, noting any interesting, tures
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Your company has a customer who is shutting down a production line, and it is your responsi-bility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is ..
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