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Suppose the production function for oranges is Q = k^1/3 L^1/3
a) What is the labor demand function when Q = 4 and r = 9 ?
b) What is the capital demand function when Q = 4 and w = 4 ?
c) What is the price elasticity of demand for capital when Q = 4 and
w = 4 in terms of r ?
Suppose the production function for pasta is Q = 4kl
(a) What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 ?
(b) What is the long-run total cost function when r = 4 and w = 36 ?
(c) Does this cost function have increasing or decreasing returns to scale?
A consumer has a utility function of U(x,y)=xy+6x+6y. The price of good X is Px, customer income is I, hence constraint is x(Px)+y(Py)=I
Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand?
Determine whether each would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction What happens to aggregate output and the price level in each case
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
Someone who lives in an apt. buys a Wayne Newton CD and then blasts it at full volume at 3am.
Consider an individual with utility function U=(C1)3/4(C2)1/4 who is alive for two periods and has an income stream(m1, m2). At some point the government decides to intervene in the economy:
1. why does rent control result in a shortage of rental units?2. any time there is a shortage of a good it means that
The firm's production function is y=min{2X1,X2}. The cost function of the firm is given by C=w1X1+w2X2. What are the firm's conditional input demands for input 1 and input 2? What is the firm's total cost function? Draw the graph.
president obama has not yet decided whether he will approve a new pipeline the keystone xl that would carry newly
you put 20000 on deposit on your thirtieth birthday at 5 percent compounded annually. on your fortieth birthday the
According to the Solow growth theory that we have studied, how would each of the following events affect per capita consumption in the long-run. Illustrate graphically and explain.
you are the administrator for a medical practice. assume all of your practices patients are covered by insurance.
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