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You own a hamburger stand, “Two Guys”. (You don’t have any partner, but “Two Guys” sounds better than “One Guy” or “Just a Guy”.). Your specialty is delicious cheeseburger that you sell for $6.50 a piece. The cost of ingredients for each cheeseburger, such as meat, buns, tomato etc., is $1.50. You hire workers at $12 an hour. The production function for cheeseburgers is Q=40\sqrt{L} , where L is the number of labor hours employed and Q the number of cheeseburgers produced. There is a fixed cost of $168. (a) There is no way to produce delicious cheeseburgers without also producing lots of grease, which needs to be hauled away. In fact every cheeseburger that you produce, you also produce 1 ounce of grease. You hire a service that hauls away grease at the cost of $3.20 per pound. Calculate the profit maximizing number of hamburgers, the amount of grease produced, the number of labor hours used and the consequent level of profit. (b) Suddenly, cooking grease has become popular as an ingredient to produce alternative fuel. So a company begins to buy grease from you every day at the rate of $1.60 per pound, thereby eliminating your cost of hauling away grease and also providing you another revenue source. Calculate the profit maximizing number of hamburgers, the amount of grease produced, the number of labor hours used and the consequent level of profit
Illustrate what is the shape of an indifference curve if there are economic bads on both axies.
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Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.
compute the shares of lemon grass also troll labor in Hogwarts' income.
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Solve for steady-state level of captial and output. What savings rate would be necessary to achieve a steady-state output of 150.
Paper currency is the most easily recognized form of money. How well does paper currency serve the functions of money if we have an inflation rate of 50-percent per year?
Suppose the demand for oranges in the U.S. is: P = 5.35 - .012 Q. Where Q is the quantity demanded for oranges in the U.S. (measured in millions of boxes per year) and P is the price per box.
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