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Suppose a chair manufacturer finds that the marginal rate of technical substitution of capital for labor in his production process is substantially greater than the ratio of the rental rate on machinery to the wage rate for assembly-line labor. How should he alter his use of capital and labor to minimize the cost of production? Why are isocost lines straight lines? Assume the marginal cost of production is increasing. Can you determine whether the average variable cost is increasing or decreasing? Explain. Assume the marginal cost of production is greater than the average variable cost. Can you determine whether the average variable cost is increasing or decreasing? Explain. If the firm's average cost curves are U-shaped, why does its average variable cost curve achieve its minimum at a lower level of output than the average total cost curve?
Show how the consumer’s opportunity set changes if income increases by $300. How does the $300 increase in income alter the market rate of substitution between goods X and Y?
create a presentation of 8-10 slides in the form of a proposal discussing the benefits of strategic capacity planning
education production functions. consider the following education production functiontest i b 1 b 2 class size i b 3
Consider a family that ranks combinations of household production time (N) and purchased goods and services (Y) according to the formula: U= NY. Suppose the maximum time available in a day is 16 hours, the wage rate is $4 per hour and the fa..
Suppose that Thailand and India are potential trading partners of China. Thailand is a member of ASEAN but India is not. Presume the import price of textiles from India (P India) is 50 per unit under free trade and is subject to a 20 percent tariff.
Dundee argues that the situation in Oklahoma City was desperate, and that Lindenwood could have tried to locate other suppliers of the lumber to meet its lumber needs. The case is tried before you, the Circuit Court of St. Charles County.
Analyze and comment on economic analyses of health administrative innovations that are germane to the provision of health services. How have these innovations become more significant in health care delivery within the context of the Affordable Care A..
the buyer values and seller costs for another experiment in which students are buying and selling used textbooks. In this experiment, the seller pays the tax. Suppose that traders who are indifferent between trading and not trading go ahead and trade..
part-1suppose that the firm uses three inputs to produce its output capital k labor l and materials m.nbsp the firms
countries a and b have the same rates of investment population growth and depreciation. they also have the same levels
part of a business strategy you are considering involves the reduction of labor and material costs. your cfo suggested
The evidence on the supply curve of financial capital is controversial, however at least in the short run, the elasticity of savings with respect to the interest rate appears to be __________.
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