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A firm's production function is qi = 2Li + 10Ki. Assume both variables can be adjusted, even in the short run (for instance, making an item by hand versus using a machine to do so).
a. What is the firm's cost function, if w=$15, and r = $100?
b. What is the firm's cost function, if w = $25 and r = $100?
c. How could we write the results of a and b above in a more general way, with w and r expressed as variables? (Hint, use "min")
d. Now suppose the output price is $8. If the input prices from part a are in effect, what is the profit maximizing quantity? If instead, the input prices from part b are in effect, what is the profit maximizing quantity?
The computer industry not spread more evenly around the globe? Identify three product categories for which you think the markets are global. Can you find three that are multi domestic? What market data would you need to support your assertion?
The marginal revenue curve of a perfectly competitive firm
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Question 1 The accompanying payoff matrix depicts the possible outcomes for two players involved in a game of Rock, Paper, Scissors. If a player receives a payoff of 1, the player wins;
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Suppose that marginal propensity to save is equal to 0.25, and the government increases its spending by $200 billion. This new increase in spending is financed by a fresh increase in taxes equal to $200 billion. As a result of this, GDP will:
Is there a "problem" with CEO compensation in the United States? If not, why? If so, what is the primary problem with respect to the compensation of CEO's in the United States? (Please discuss only ONE problem so that other students in the class have..
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John has a factory that produces paper and as a side product some chemicals are thrown into the water: one unit of the pollutant per unit of paper. The marginal benefit to John of producing paper is given by MB = 10 – Q. What is the socially efficien..
Assume that good x and y are substitutes. Show graphically and explain the effect on the bundle selected that will maximize utility if the price of good x falls. Draw and explain the demand curve for good x and the price-consumption curve for good y.
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