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Suppose a firm's production function has the Cobb-Douglas form
q = z1a1z2a2
Where z1 and z2 are inputs, q is output anda1,a2 are positive parameters.
1. Draw the isoquants. Do they touch the axes?
2. What is the elasticity of substitution in this case?
3. Using the LaGrange an method find the cost-minimizing values of the inputs and the cost function.
4. Under what circumstances will the production function exhibit (a) decreasing (b) constant (c) increasing returns to scale? Explain this using first the production function and then the cost function.
Fetzer valves can be made in either China or the United States, but because labor in the United States is more skilled, on average, than labor in China, the production technologies differ. Consider the two production isoquants in the figure.
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
the client currently is 46 years old with an income of about 126000 per year. his goal is to retire between ages 62 and
According to the interest parity condition, the domestic interest rate falls if the _____ rises, ceteris paribus.
Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results..
Calculate the number of physicians, per thousand population in Canada, from 2002 to 2005. What conclusions can be drawn about the physician coverage of Canada's opulation?
Suppose no economies or diseconomies of scale exist in a given industry. What will the firm's long-run average and marginal cost curves look like? Would you expect firms of different sizes to be able to compete successfully in such an industry?
At the time of the Great Depression, the developed world was on a gold exchange standard (certain major currencies—the dollar and pound sterling—were allowed to substitute for gold). How might the gold exchange standard have compounded downward press..
At its current short-run level of production, a firm's average variable costs equal $15 per unit, and its average fixed costs equal $25 per unit. It's total costs at this production level equal $800.
How would a downward change in the money supply affect you personally How would it affect your career What impact would rational expectations have on your decisions in this situation
A firms labor demand and labor supply equations are shown below.
An office supply store sells a team of printer paper at a fix price of $4.50. Which of the following is a term used by economist to diatribe the money received from the sale of an additional team of paper?
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