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A firm is competitive in both product and resource market. The firm's short run production function is given by Q = 0.5L1/2 where L is the labor input. Assume the wage rate is $10 and the firm's fixed cost is 100. If the price of the good in the market is $1,200 per unit
(a) What is the firm's profit maximizing level of output and employment?
(b) What is the firm's total wage bill?
(c) What is its profit?
These multiple choice problems belong to Economics. The first problem is about the legal responsibility in partnership and the second problem is about a scenario in housing.
What is her AFC per poster if she prints 1,000 posters - Karen runs a print shop that makes posters for large companies.
Discuss the law of demand. Graph the following demand- supply equations: Qd= 100- 0.5P Qs = P Compute the equilibrium price and quantity. Discover the excess demand, if the price is set at $50. Presume the government imposes a tax ($2/unit) on the se..
Which of the following is often referred to as the basic postulate of economics?
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes
look at the two tables below which show respectively the willingness to pay and willingness to accept of buyers and
The length of the agreement was produced in a legitimate configuration.
What is the efficient markets hypothesis and what are the most important characteristics of markets that are necessary for them to be efficient?
The proponents of rational expectations believe that: There will be a substantial time lag before people anticipate the eventual effects of a shift to a more expansionary macro-policy. Macro-policies that stimulate demand and place upward pressure on..
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4. The manufacture of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows: TC = 500,000 + 0.85Q + 0.015Q2 and Q =14,166 - 16.6..
discuss measuring income distribution using a geometic representation called the lorenz curve. explain the theories of
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