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By analogy with household indifference curves, a short run isoprofit curve for a firm can be defined as the set of all combinations of wage rate and labor hired that yield a positive profit, so that for the short-run profit function f = P.f(L,K') - W.L - R.K' (where P.f(L,K') represents the total value product of labor for fixed capital level K', and (P,W,R) are respectively the output price, wage rate, and capital rental rate, taken as given by the firm) and fixed profit level ?', the slope of a given short-run isoprofit curve is easily shown to equal (dW/dL) where ? is constant = (VMPL - W)/L.Given this result show how the firm's isoprofit map is positioned with respect to its short-run labor demand curve.
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
what uniform price will he charge and how much profit will he earn. The following figure shows the demand and marginal revenue for a monopolist, who has many buyers with different valuations of the good.
Mining is proposed for a wilderness area that provides two benefits: recreation (due to backpacking opportunities) and biodiversity (there are endangered wildlife and plants). The mining is expected to reduce backpacking visits from the current 10,..
)TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base, TLC..
Assume that the price index is one hundred and a typical basket of goods and services cost $8. Within the basket, you had four hamburgers and 3 hot dogs.
Graph the cost curves from part a and indicate the points from part b. Explain why the cost curves have the shape they do. Now, Joe decides to split his operations between two forests and hire his buddy Earl. The production function becomes: qi = ..
An estimate of the demand function for household furniture produced the following result F= 0.0036Y1.08R0.16P-0.48 p=0.996 where F= furniture expenditures per household. Y= disposable personal income per household.
In solving the problem,when your taxable income lies exactly on the border of the 22% bracket ( so that adding one dollar takes it to the beginning of the net bracket), choose the next bracket i.e. 26% as the marginal rate for your federal tax, t..
A local video store estimates their average customer's demand per year is Q = 20 - 4P, and knows the marginal cost of each rental is $1.00. How much should the store charge for an annual membership in order to extract consumer surplus.
Charlie cares only about the amount of chocolate he eats this year (C0) and next year (C1). His preferences correspond to the utility function \(U(C_{0},C_{1})=4(\sqrt{C_{0}}+\sqrt{C_{1}})\) Suppose he earns $1,000 this year and nothing..
Bolivia's real GDP per capita is growing at a rate of 1.3%, which would we expect in the long run Assume real GDP per capita in the United States begins at a level above that of real GDP per capita in Bolivia.
The mean annual income for people in a certain city (in thousands of dollars) is 38, with a standard deviation of 31. A pollster draws a sample of 43 people to interview. Find the 68th percentile of the sample mean.A certain car model has a mean..
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