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Suppose a firm’s production function is: f(E,K) = 40K0.25E0.75 The corresponding marginal product functions are: MPK = 10K-0.75E0.75 and MPE = 30K0.25E-0.25 Suppose initially that the hourly wage is $9 and the price of each unit of capital is $15.
a. If the firm is maximizing profits, what is the firm’s optimal capital-labor ratio?
b. If the firm has hired 25 machines and 50 workers, is it maximizing profits? Why or why not?
c. If the price of labor increases to $15 and the firm increases its capital stock to 12 units from 10 units, how many workers will the firm choose to hire? Does the scale or substitution effect dominate in this case?
Write a one page response to the following statement: "U.S. regulators should enforce antitrust laws against the Microsoft Corporation."
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In 1796, Gottfried Christoph Härtel, a German music publisher, calculated the cost of printing music using an engraved plate technology and used these estimated cost functions to make production decisions. Graph the total cost, average total cost, av..
q.pham can work as many or as few hours as she wants at the college bookstore for 9 per hour. but due to her hectic
This exercise presents a simple example to elucidate how exchange-rate conversions can produce misleading results and how the PPP methodology works.
Graph the supply and demand curves. Please identify the x and y axis properly, the Price and quantity intercepts and equilibriumraph the supply and demand curves. Please identify the x and y axis properly, the Price and quantity intercepts and equili..
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Using this information, draw a Lorenz curve for each country. Remember to convert the above table into a cumulative %. Illustrate which country has the most equal distribution of income.
The cost of running the government program ( assuming no storage costs). Illustrate what is the total price of the program to consumers.
Does the law of diminishing marginal returns apply to this firm's production process. If so, explain why and find the quantity of labor at which diminishing marginal returns.
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