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Question: There are two companies producing mugs, Ceramic and Tile. The production 0.5 0.5 function of mugs for Ceramic is given by ?? = 10? ? and Tile's production function of 0.6 0.5 mugs is given by ?? = 20? ? , where ? is hours of machine time and ? is hours of labour employed. a) Using a graph show how, ceteris paribus, an improvement in technology would affect Ceramic's production function. b) If both companies use the same amount of capital and labour, which one generates more output? Explain. c) Find the marginal product of capital and the marginal product of labour for each company. d) Assume that ? = ? = 2,000. Which company will benefit the most from increasing its labour? Which company will benefit the most from increasing its capital? Why? e) Show what type of returns to scale is each company exhibiting.
A firm produces two kinds of products: Word and Excel. Both products are made by a monopolist. Four consumers are considering buying these products. The first c
Many cities have experienced a substantial decrease in the amount of garbage being collected after they changes from levying a tax on each household to pay for the pickup to charging a fee for each bag or can picked up.
Which of the following is the name of the power connector that is larger than the connector used for floppy diskette drives and that is commonly used with PATA drives?
Assume that marginal utility of good A is 4 times the marginal utility of good b. The firm can compute all points on its total cost curve if it knows.
He assigns the probabilities P(A)= 0.6, P(B)= 0.7, P(A | B) = 0.1 and asks for the probability P(A or B). What is wrong with the probability assignments?
which alternative should be chosen? Use both present worth comparison and annual worth comparison (show your calculations).
Both outsourcing and sweatshops show how comparative advantage and trade work. Outsourcing has a bad reputation in the U.S. but it is simply comparative advantage in action. Sweatshops also have a bad reputation.
Why do the United States and many other countries have antitrust laws on the books? What's so harmful about oligopoly that warrants an entire body of law?
Assume that the lengths of all newly hatched iguanas are normally distributed.
1) Which economic system values freedom of choice over the security offered by guaranteed employment?
Let R2unrestricted and R2restricted be 0.4366 and 0.4149 respectively. The difference between the unrestricted and the restricted model is that you have imposed two restrictions. There are 420 observations. The F-statistic in this case is:
Governments make choices on how they will shape or refuse to shape markets. Every decision that governments make on the shape of the economy
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