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A producer produces good y using a single input x according to the production function y=x^a where 0<a<1. The producer can sell as much as he wants at a unit price p, but must pay wage w for every unit of x used.
1) What are the first and second-order condition for the profit maximization problem?
2) Derive the expression for the profit maximizing level of output y*(p,w,a), the profit maximizing level of input x*(p,w,a), and the optimal profit pi*(p,w,a) = py*(p,w,a) - wx*(p,w,a)
3)What happens if a =1
Consider the markets for DVD movies, TV screens, and tickets atmovie theaters. For each pair, identify whether they arecomplements or substitutes: 1) DVDs and TV Screens - compliments;2) DVD and movie tickets, substitutes
Assume we refused to sell goods to any country that reduced or halted its exports to us.
Suppose that the deposit multiplier in a particular economy is 5. In this simple economy, banks hold no excess reserves and the public uses checking deposits rather than holding currency.
If I have to lay-off 19 employees as the company is upside down -$1878.00 after total cost. So, by cutting staff of 19 with a salary of $100 per day, an eight hr day, how much will I save.
Illustrate what is the basic objective of monetary policy. What are the strengths and weaknesses of monetary policy.
With reference to the simple closed economy income-expenditure model,suppose the aggregate consumption function is C = 100 +0.8(Y – T); taxes areT = 10 + 0.25Y; investment, I, is 300 and government expenditures, G, are 200.
The Hanover Manufacturing Company believes that the demand curve for its product is P = 5 - Q-Evaluate the wisdom of the firm's pricing policy
Suppose that a delivery company current uses one employee per vehicle to deliver packages. Each driver delivers 50 packages per day, and the firm charges $20 per package for delivery. How many packages per day would each vehicle have to deliver in ..
To supply side economists, the key to any economicstabilization is managing aggregate supply. What kinds of policy dothey advocate, and what outcomes do they expect toachieve?
Acura and Volvo offer warranties on the automibiles, where wA is the number of years of an Acura warranty and w - V is the number of years of a Volvo waranty. The revenue for Firm i, i = A for Acura and V for Volvo is TRi=27,000wi / wA +wV. The fi..
A bank is offering $20,000 6-month CD's for $19,500. What is the nominal annual interest rate? What is the effective annual interest rate? please give both the answers in %.
Appalachia Beverage Corporation, is planning alternative proposals for expansion into the Midwest. Suppose that a wholesale price of $5 per case, compute the breakeven output quantities for each alternative.
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