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Consider the production function Q= 20K1/2L1/2 The firm operates in the short run with 16 units of capital.
a. The firm's short-run production function is Q=?b. The average product of labor function is AP=?c. The marginal product of labor function is MP=?d. Show that marginal product diminishes for all levels of labor usage.
For the short-run production function in exercise 1, let the wage be $20.
a. Derive AVC(Q).b. When 160 units are produced, ______ units of labor are employed, and the average product is ____. Average variable cost is $______.c. Derive SMC(Q).d. Using the marginal product (MP) function derived in part c, the marginal product is _____ when 160 units are produced. SMC is $_______. Verify that SMC (Q) evaluated at Q=4 is identical to calculating SMC by using the ratio w/MP.
What price should a firm charge for a package of two shirts given a marginal cost of $4 and an inverse demand function P = 8 - 2Q by the representative consumer
Suppose a cost minimizing firm wihses to change its scale of production and needs to know the combination of labor and capita to employ. If the firs's total cost outlay is $14. Fin the this combination using the information below
Where will the price settle in the long run Remember, all purely competitive firms are theoretically doomed to make only normal profit in the long run. 4. Why is the long-run equilibrium position of a purely competitive firm productively and alloca..
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firm had demand function given by Qd=1000-10p. Its cost function given by C= 150 +20 Q A- write an equation for the inverse demand function. B- write an equation for the profit function C-if the firm wants to maximize its sales revenue.
Atari needs $4.5 million in new investment capital to develop and market downloadable games software for its new GPS2-ZX system. The plan is to sell $10,000 face-value corporate bonds at a discount of $9000 now.
Wyandotte Chemical Company sells various chemicals to the automobile industry. Wyandotte currently sells 30,000 gallons of polyol per year at an average price of $15 per gallon. Fixed costs of manufacturing polyol are $90,000 per year and total va..
The sales information for the Lonestar Sports Apparel Corporation for the last 12 years as follows:
Suppose that economists have made the following projections for the coming year Exports $540B, imports $710B, capital outflow $320, capital inflow $420. As the year is unfolding, it turns out that these projections are proving to be quite accurate
Use the data above to graph the aggregate demand and aggregate supply curves. What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy Is the equilibrium real output also necessarily the full-employ..
Consider the simple linear regression model without an intercept, y = ß1x + u, with the assumption E(u|x)=0. Also assume that E(x)=0 Show that E(y)=0 and using this as well as E(x)=0 show that the covariance between x and y is given by E(xy) and t..
The income elasticity of demand for clothing is estimated at +0.5. What would you expect to happen to clothing revenues when incomes are rising When incomes are falling Is the effect stronger or weaker than the movie industry results
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