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Consider a water heater manufacturing company. The number of water heaters manufactured per day, q, is a function of the number of workers per day, L, and the number of square feet of sheet metal per day, S. Specifically, its CES production function is q = (L^-2 + K^-2/40)^-0.5. The hourly wage rate is $20 and the price of per square foot of sheet metal is 50c.
a. What is the marginal productivity of labor? What is the marginal productivity of capital? b. What is the formula needed to draw the expansion path? Draw the expansion path.
c. Derive the long run cost function.
d. Suppose the price of sheet metal decreases to 25C. Draw the new expansion path. Discuss the magnitude of the shift in the expansion path.
Suppose the Stimulus package (The American Recovery and Reinvestment ACT of 2009) for $787 was allocated for spending in all 3 components of the AE model of Keynesian Macro model (RGDP = C+I+G); where they spent the bulk of it in G (government expens..
Assess the impact of information availability on market efficiency in today’s economy, indicating whether it has a positive or negative impact on most companies. Provide support for your rationale.
The own price elasticity of demand for the product has been estimated to be -1.25. Calculate the profit-maximizing price that the firm should charge.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of dema..
a. What is her total revenue? Explain b. What are her accounting profits? Show your steps leading to your answer
Question One: Since we have so many different ways to produce a forensically sound image, why do you think we need more than one? Is there some advantage of one over another?
Recent empirical evidence suggests that the health insurance industry is noncompetitive. Base on various determinates of industry structure
Who is my audience and which points will they be interested in - What kind of tone am I assuming for my argument?
Suppose a monopolist can purchase Labor at a price w = 1 and can purchase Capital at a price r = 9. The monopolist’s production function is given by Q = L^1/2(K^1/2). The demand facing the monopolist is given by P = 78 – 6Q. What is the Monopolist’s ..
Recall the Application. The British Experience with water privatization showed that:
Identify at least two strengths and two weaknesses of your chosen multinational corporation. Support your examples with research from the sources.
i. What is the difference between product differentiation and price discrimination?
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