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A glass manufacturer’s production function is q=?10L?^0.5 K^0.5(based on Hsieh, 1995). Its marginal product functions are ?MP?_L=?5K?^0.5 ?/L?^0.5=0.5q/L and ?MP?_K=?5L?^0.5 ?/K?^0.5=0.5q/K. Suppose that its wage, w, is $1 per hour and the rental cost of capital, r, is $4.
Draw an accurate figure showing how the glass firm minimizes its cost of production. What is the equation of the (long-run) expansion path for a glass firm? Illustrate this path in a graph. Derive the long-run total cost curve equation as a function of q. Suppose the goal for output is 1000 units, what is the optimal level of labor and capital to minimize the cost of production? (Use Excel or other software to derive the answer.
The supply curve for portable charcoal grills shifts
A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. If the owner wants to keep units s..
Are monopolies and oligopolies always bad for society? Provide real world examples of where this may be the case to strengthen your position. Provide at least one example of a case where having a monopoly or oligopoly may actually benefit the society..
write down expression for marginal revenue. choose the quantity and the price to maximize profit, assuming firm can only charge one price.
A group of private investors purchased a condominium complex for $5 million. They made an initial down payment of 12% and obtained financing for the balance. If the loan is to be amortized over 11 years at an interest rate of 6.6%/year compounded qua..
Questions for the Anna Hakansson case study: What is your opinion of the manner in which Anna Håkansson prepared for her business trip? Could she have done a better job here? If so, how? What can Håkansson do to minimize the creation of stereotypes a..
Explain with the concept of optimization and a graph, the circumstances under which a waste site could be made "too clean".
Mr. Smith has saved $ 1200 each year for 25 years. A year after the saving period ended, Mr. Smith withdrew $ 4500 each year for a period of 5 years. In the sixth and seventh year, he only withdrew $ 3000 pre year. In the eighth year, he decided to w..
The possibility for gains of trade is due to the fact that different countries face different resources endowments, production costs and geographical locations. Interpret and expand with examples.
What level of unemployment to you constitutes a level of “full employment?” How do you think the general public might misinterpret this term as reported in the media?
Parts two and three of AMERICAN PASTORAL represent Nathan's version of Swede's life, which you are to evaluate. To what degree is this version "true," in so far as it accurately includes the information Nathan learns about Swede in Part one of the bo..
If the quantity demanded of a good falls by 2% when income rises by 10%, then:
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