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Suppose a rm's production function is given by Q = F (L,K ) = 5LK . The wage rate is $100 per unit of labor and the rental rate of capital is $50 per unit of capital.
(a) What is the least-cost combination of capital and labor if the rm produces 1000 units of output?
(b) What is the rm's long run cost function?
(c) If the rm currently uses 10 units of capital, what is its short-run cost function?
Illustrate what do you suppose would happen to the price and quantity of peanut butter as incomes fall during an economic recession.
Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival have successfully kept prices at a very high level.
The National Safety Council (NSC) estimates that off-the-job accidents cost U.S. businesses almost $200 billion annually in lost productivity (National Safety Council, March 2006). Based on NSC estimates, companies with 50 employees are expected to a..
Compute price elasticity of demand and supply at the equilibrium price and quantity. Price elasticity of demand is equal to___ _ and price elasticity supply is equal to ____. On the same graph above, show the effect on equilibrium price and quantity ..
q. in this problem we consider the differences between the competitive monopoly and cournot equilibria under the same
Explain the difference between a movement along a supply curve predicted by the Law of Supply and a shift of the whole supply curve or short termed as a shift or change of supply.
illustrate what is the minimum range within which the sample average failure rate must be found to justify with 95% confidence the advertised failure rate of 0.5%.
Many police officer positions being advertised today require the applicant to have a college degree even though the tasks of a police officer rarely call upon college course material. Why don’t police departments increase their applicant pool by drop..
The company wants to replace office equipment like machines and computer at assorted times over the five year planning period.
No less than 1000 words (excluding the title page, bibliography and appendices). Question 1. A Study into the Key Principles of Economics.
Given the demand and cost conditions, what price, output and profits result in the short run? What will happen as the firm moves from the short to the long run
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
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