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A firm uses capital and labor to produce output according to the production function q = 4pKL, for which MPL = 2 p K=L and MPK = 2 p L=K.
a. If the wage w = $4 and the rental rate of capital r = $1, what is the least expensive way to produce 16 units of output?
b. What is the minimum cost of producing 16 units?
c. Show that for any level of output q, the minimum cost of producing q is $q.
d. Explain how a 10% wage tax would a¤ect the way in which the firm chooses to produce any given amount of output 2.
Tamara received $500,000 from an insurance company. She wants to to deposit this in a savings account that earns interest at a rate of 6% compounded monthly. Then she would like to make 60 equal monthly withdraws over five years.
Initally, the population of Cape Despair is constant and real GDP per hour of labor is at the subsistence level of $15. Then a technological advance shifts the production function upward by 50 percent at each level of labor.What are the initial le..
The last ones are wrong or I am getting repeated answers for the wrong question. An automatic saw at a local lumber mill cuts 2 by 4 to an average length of 120 inches. However, because the saw is a mechanical device, not all the boards are 120 in..
women and selected minorities are systematically excluded from high-paying occupations and crowded into low-paying occupations, decreasing their wages and reducing domestic output. B. employers having high discrimination coefficients will be crowde..
Each acre can support 10 banana trees. However the 3 acres differ in their ability to support mango trees. She can grow 30 mango trees on the best land, 20 mango trees on the good land, and 10 mango trees on the bad land.
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses
You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.
Suppose the daily demand for coffee in Seattle is Q^d=100,000(3-P)^2 A. What is the elasticity of demand (Ed) at a price of $2.(Please show exactly which equation is needed to find Ed here) B. At what price would the total expenditure on coffee be la..
Suppose that the "Small but Significant and Nontransitory Increase in Price" threshold is 5%. Making use of critical elasticity of demand analysis, do the existing producers of this product represent an antitrust market, or do additional substitut..
The following statement was released through FOMC following recent meeting on March 21. The Group, although hopeful for a future of moderate growth with moderating inflation,
1. Job A pays $30,000 a year. Job B is completely identical in all aspects except it is located in an area that has a 10% higher cost of living. In order to compete, Job B would need to pay. This is known as a. 2. Explain the difference ..
What is the probability that the interval [Z-1, Z+1] contains the value 0? e.) What is the probability that the interval [Z-1, Z+1] contains the value 2? f.) What is the probability that the interval [Z-1, Z+3] contains the value 2? g.) What is the p..
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