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Consider a production function of three inputs, labour, capital and materials, given by Q = LKM. Let w = 5, r = 1, and m = 2, where m is the price per unit of materials. a) Suppose that the firm is required to produce Q units of output. Show how the cost-minimizing quantity of labour depends on the quantity Q. Show how the cost-minimizing quantity of capital depends on the quantity Q. Show how the cost-minimizing quantity of materials depends on the quantity Q. b) Find the equation of the firm's long-run total cost curve. c) Find the equation of the firm's long-run average cost curve. d) Suppose that the firm is required to produce Q units of output, but that its capital is fixed at a quantity of 50 units. Show how the cost-minimizing quantity of labour depends on the quantity Q. Show how the cost-minimizing quantity of materials depends on the quantity Q. e) Find the equation of the short-run total cost curve, when capital is fixed (at 50 units) and graph it along with the long-run total cost curve. f) Find the equation of the associated short-run average cost curve.
what has happened to the value of the u.s. dollar relative to the japanese yen over the past six months? what fiscal
Question: Do brief research on ASEAN Economic Community (AEC) and discuss on the following questions: How does the AEC affect the multinational firms investing in AEC members? What is the effect of AEC on the U.S. economy?
suppose that due to whatever reason reserve demand changes and you forecast the reserve demand to now be rd 270 - 30
Estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y.
If a country is currently producing 11 units of health care and 16 units of education. what is the opportunity cost of producing 5 more units of education?
An economy is operating with output $400 billion below its natural rate, and fiscal policy-makers want to close this recessionary gap. The central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding o..
some oakland california residents are sick and tired of tripping over burger wrappers and soda cans and the city is
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A coin is biased so that a bead is three times as likely to occur as a tail. Find the expected number of tails when this coin is tossed twice.
How does industry-level price elasticity of demand shape the opportunities for making profit in an industry How does the firm-level price elasticity of demand shape the opportunities for making profit in an industry
determine if for the good marked with all cap lettering if there is an increase or decrease in demand.a.a new fashion
What is the graph of the production possibilities frontiers for the American and Japanese economies if American worker can produce 10 tons of grain a year and Japanese worker can produce 5 tons a year?
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