Reference no: EM131165562
1. A firm has production function y = f(x1, x2) = x1/31 x2/32, where y is the amount of output, x1, x2 are the amount of input 1 and 2 respectively.
(a) Suppose the firm chooses to produce with inputs x01, x02. Calculate the marginal product with respect to input 1 and input 2. (Express them in terms of x01, x02.)
(b) What's the firm's technical rate of substitution given input level x01, x02?
(c) Suppose the prices for input 1 and input 2 are respectively w1 = 8, w2 = 2. The market price for the output is p = 50. In order to produce a fixed level of output y0 = 8, what's the optimal amount of each input that the firm chooses to use for production?
2. A firm has production function y = f(x1, x2) = min{2x1, x2}, where y is the amount of output, x1, x2 are the amounts of input 1 and 2 respectively. Suppose the prices for input 1 and input 2 are respectively w1 = 2, w2 = 40. The market price for the output is p = 50. In order to produce a fixed level of output y0 = 30, what's the optimal amount of each input that the firm chooses to use for production?
3. Consider a monopoly faces a market demand function q(p) = 200 - p, where p is the price that the monopoly charges, q is the amount demanded by the consumer. The monopoly has marginal cost function MC(q) = q.
(a) At the price level of 100, what's the consumer's demand elasticity?
(b) Suppose the monopoly sets the price at the level p = 150, calculate the consumer surplus in this case.
(c) Suppose the monopoly sets the price at the level p = 150, calculate the monopoly's net profit.
(d) In order to maximize its net profit, what's the optimal price level that the monopoly should charge?
(e) Consider a social regulator who aims to maximize the social welfare (which equals the summation of consumer surplus and the monopolist's profit). What's the optimal price level that the social regulator should set in order to maximize the social welfare?
|
What genetic problems were determined to be potential issues
: What genetic diseases or problems were determined to be potential issues? What other information would help you draw better conclusions about this disease?
|
|
Easements-you be the judge
: Facts: Between 1923 and 1947, Arkansas Power & Light (AP&L) constructed dams on two Arkansas lakes, Hamilton and Catherine. The company obtained "flood easements" on property adjoining the lakes. The easements permitted AP&L to "clear of trees, br..
|
|
Describe population you selected as the intended audience
: Explain the stress management research techniques you selected for your population. Describe the three original handouts you created on stress management techniques. Justify the strategy used for selecting these techniques for the specific population..
|
|
Determining the sarbanes-oxley act
: Through previous classes I have seen that many students have had some practical experience with the Sarbanes-Oxley Act through their work, so I think this will be an interesting discussion for most of you.
|
|
Calculate the marginal product
: Suppose the firm chooses to produce with inputs x01, x02. Calculate the marginal product with respect to input 1 and input 2. (Express them in terms of x01, x02.)
|
|
Piercing the corporate veil of a textile company
: Commingled assets, fraud, non-compliance with corporate formalities, and thin capitalization are among the circumstances that may justify piercing the corporate veil. This is a fun case that discusses piercing the corporate veil of a textile compan..
|
|
Think of issue from a training design perspective
: In the implementation of Kaizen, what groups of employees are likely to need training? How should the trainees be organized? Think of this issue from a training design perspective and from a training content perspective. b.For the type of training en..
|
|
Why is chlamydia trachomatis considered a stealth std
: Why is Chlamydia trachomatis considered a "stealth" STD? Nephritis may lead to cessation of blood filtering by the glomerulus because the kidney is. Bladder infections that travel up to the kidney are called.
|
|
Prepare a post closing trial balance
: Journalize the adjusting entries from the adjustments columns of the worksheet. - Prepare a post-closing trial balance.
|