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A firm produces output according toa production function Q = F(K,L) = min {2K,4L}.
a. How much output is produced when K =2 and L = 3?
b. If the wage rate is $30 per hour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output?
c. How does answer to part b change if the wage rate decreases to $10 per hour but the rental rate on capital remains at $10 per hour?
The state highway department is considering six routes for a new highway. Listed below are the estimated construction costs, maintenance costs, and the user cost associated with each route. Route Construction Costs Annual Maintenance Costs Annual U..
A used car dealer advertises financing at 0% interest over 3 years with monthly payments. You must pay a processing fee of $250 at signing. The car you like costs $6000. a) What is your effective annual interest rate
Given population = 500, Population 16+ and non-institutionalized = 400, People employed full or part-time = 200 People unemployed and actively seeking work = 20 People who have quit seeking work due to lack of success = 10Part-time workers seeking fu..
1) What total output (Q1 + Q2) will you produce to maximize profits 2) Of the total output in part (1), how many units are produced at teh first facility (what is Q1) 3) Of the total out put in part (1), how many units are produced at the second faci..
Two investments have the following expected returns(net present values) and standard deviation of return. Product A Expected return$50,000 Standard deviation $40,000 Product B Expected return $250,000 Standard deviation $125,00.
Suppose that the bank sells $5 million in securities to get new cash. Show the bank's balance sheet after this transaction. What are the bank's excess reserves. Suppose that the bank makes a loan to a customer equal to the amount of its excess rese..
Suppose the total benefit derived from a given decision, Q, is B(Q)=25Q-Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q A.)what is total benefit when Q=2 when Q=10
A firm produces paper clips with the following production function: F(K,L) = 3K^(2/3) L^(1/3) where K is the capital used in production and L is labor used in production. The rental rate for capital is r = 24 and the wage rate is w = 6.
1. For the each of the following functions: 1) find a function for an indifference curve that delivers u=u? units of total utility: 2) Calculate the derivative (dy/dx) of the function (i.e. the instantaneous rate of change). Find the total differe..
A country is described by the Solow Model with a production function y = \(k^{1/2}\) where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%. Assume that the depreciation rate is..
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a y..
Assume that all other banks hold only the required amount of reserves. If First national decides to reduce its reserves to only the required amount, by how much would the economy's money supply increase.
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