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1. Consider the following utility for Allison who consumes goods T and good Z: U (T, Z) = T0.1 Z0.9. Allison has an income I = 500 that she totally uses to purchase goods T and Z at the respective prices PT= 2 and PZ= 3. a- Set up the budget constraint for Allison b- Derive Allison's demands for goods T and Z c- Calculate the marginal rate of substitution of T for Z. 2. Consider the following production function for a firm that uses only one input (labor) and produces one output V. F (l) = V = 100 l1/2. a- Derive the firm's output supply and labor demand functions b- How much labor will the firm hire and how much of the good V will it produce if the selling price of good V is PV = 1 and the wage rate w = 20? c- Compute the profit under the conditions in question b. 3. Consider the following production function for a firm that uses only one input (labor) and produces one output N. F (l) = N = 75 l1/3. d- Derive the firm's output supply and labor demand functions e- How much labor will the firm hire and how much of the good V will it produce if the selling price of good V is PN = 2 and the wage rate w = 20? f- Compute the profit under these conditions 4. Consider the following firm with the production function Q = F (L) = 2 L1/2. L = Labor. Wage w= 12. Fixed costs is FC = 500 (Sunk cost). Derive the short run cost function. Graph this function using excel. 5. Consider the following company that has two firms (plants) for producing a good X. firm A has a cost function CA = 650 QA - 2 (QA2) and firm B cost is CB = 600 QB - 3 (QB2).The firm wants to produce a total of 100 units of good X. or QA+ QB =100. Find the least costly way of production for this company
Edward the entrepreneur takes two hours to cut a lawn, and he cuts 1,000 lawns per year, he use solar powered equipment thw will last forever and can be sold for $20000. the interest rate is 10 perent given his current output level, compute his margi..
suppose that ex is the exchange rate between the u.s. dollar and the chinese yuan in that ex indicates the number of
you are required to analyse the strategy of a firm of your choice. you need to pick a firm and identify the strategy
What are the basic concepts that are key components of Gary Becker's "Theory of the Allocation of Time". That is, in words, what are the key elements of this approach In addition, what are the theoretical implications of this approach
explain why the cost structure associated with many kinds of information goods and services might imply a market
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1. what types of products are phone services and electricity?2. why does a firm spend an enormous amount on advertising
Workers are compensated by firms with "benefits" in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance. Suppose that in 2000 workers at one steel plant were paid $20 per hour
show on a supply-and-demand diagram and explain in words what will happen to the canadian exchange rate compared to the
Describe the opportunity and accounting costs of "Going Green." Use a specific example to illustrate your point. For example, purchasing a Chevy Volt.
1. let uxy x13y23 and let i 100 px py 1. write the foc for the consumers ump and compute the consumers demand
Two partners who own Progressive Business Solutions, which currently operates out of an office in a small town near Boston, just discovered a vacancy in an office building in downtown Boston
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