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Question: 1. Inputs K, L, R and M cost £10, £6, £15 and £3 respectively per unit. What is the cheapest way of producing an output of 900 units if a firm operates with the production function Q = 20K0.4L0.3R0.2M0.25?
2. Make up your own constrained optimization problem for an objective function with three variables and solve it.
3. A firm faces the production function Q = 50K0.5L0.2R0.25 and is required to produce an output level of 1,913 units. What is the cheapest way of doing this if the per-unit costs of inputs K, L and R are £80, £24 and £45 respectively?
Explain how environmental justice plays a part in your proposal. Give details as to how your proposal will benefit the community while maintaining sustainability.
Would interest exist in a pure exchange economy where no production occurred? Explain. Please provide a detailed answer.
Does your target civilization have a monetized economy (which means they have and use coins), or is the barter system still the mainstay of the economy?
You plan to buy a $174,903 hoarse. You have $23,934 to use as the down payment. The bank offers to loan you the remainder at 18% nominal interest compounded monthly. The term of the loan is 20 years. What is your equal monthly loan payment?
Does NAFTA affect the automobile industry's decisions on what to do with labor costs? Capital costs? If so, how? Was this trade agreement good for the United States from an economic standpoint? Was it good for Mexico from and economic standpoint?
Do you think that Business practices in an Islamic country are likely to differ from Business practices in the United States? If so, how? Recognize why many economics believe that unrestricted free trade between nations will raise the economic welfar..
suppose there are two states that do not trade iowa and nebraska. each state produces the same two goods corn and
Determine the optimal solution point. Determine the values by which the constraints c1 and c2 must decrease or increase in order to change the current solution point shown in the graph to the other extreme point.
Demand estimation and forecasting and income elasticity of demand
What are the similarities and differences between the three countries in terms of the percentage of the population that works in each type of industry?
Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.
part of a business strategy you are considering involves the reduction of labor and material costs. your cfo suggested
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