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North Western Manufacturing has the production function Q = min{0.25K, 0.5L}, where K is units of capital and L is hours of labour. Without any warning, the price of capital doubles. What should North Western Manufacturing do in response? Explain. If North Western were planning a new manufacturing plant, would there be any advantages to a larger facility? Explain.
Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks is done manu..
Two division managers at King Size Manufacturing have been in a long discussion with top management about allocation of capital spending over the next three years. His bonus is based on total sales and he wants a larger bonus for himself and his mana..
Jack sees commuting by bus and train as perfect substitutes (U = B + T), that is, he would exchange one commute by bus for one commute by train. The price of a bus ticket is $1.50 and the price of a train ticket is $ 2.00. Jack has $6.00 to spend on ..
A middle-income worker will retire in January 2017. In the year prior to retirement, her gross monthly earnings are $4,500. Her Social Security pension benefit will be $1,500 per month. Prior to retirement, she was subject to total taxes on her labor..
Suppose the market interest rate is 10 percent. Would you be willing to lend $10,000 if you were guaranteed to receive $1,000 at the end of each of the next 12 years plus a $5,000 payment 15 years from now? Why or why not?
The job order and process costing systems are
Indicate profit- maximizing level of output. If the price was $3 and fixed costs were $5, what would vaiable cost be? At what level of output would the firm produce?
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: How much will this monopolist produce? What price will the firm charge it's customers? Will the firm earn positive economic profits?
Using the results from previous question (the equilibrium price and quantity), which of the following is true or false? Explain (10 pts., 2.5 pts. each). Equilibrium quantity decreased by 4 units.(explain)
Please show how to setup and solve. Assume a firm produces 500 units of a good by using two inputs, capital and labor, whose per unit prices are $10 and $4. Assume also that the marginal physical product of the last unit of capital is 30 and the marg..
The Sharing Economy 1) Discuss the pros and cons of this disruptive business model. Is it good for job creation? Use a specific example(s) to support your answer. 2) Identify a market segment where you feel "collaborative consumption" is likely to be..
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity and price.
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