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A firm has a production function given by q=2 sqrt(KL) In the short run, the firm’s amount of capital equipment is fixed at K=100. The rental rate for K is v=$1, and the wage rate for L is w=$4.
a. Find the firm’s short-run total cost function (STC). Calculate the short-run average cost function. Calculate the short run marginal cost function. (All are functions of q)
The book defines Web 2.0 as “Internet services that foster collaboration and information sharing which of the following is not considered a characteristic of Web 2.0?
altering of the interest rate to change aggregate demand. Fact that equal increases in government spending and taxation will be contractionary.
Suppose the price of good 1 is $2, and the price of good 2 is $1. Derive Pete’s demand function for good 1 (as a function of income). Is good 1 normal for Pete? How about good 2? Plot the Engel curve for goods 1 and 2 (with income on the horizontal a..
The market supply curve is the curve that summarizes:
Two common drawbacks of Pigouvian subsidy mentioned in the literature are related to monetisation and measurement of social cost (Baumol) and reciprocity of social cost (Coase). What alternatives to Pigouvian taxes are proposed in the literature? Hav..
We grow wheat that sells for $40,000. The wheat is milled into flour that sells for $55,000. The flour is used to bake bread that sells to consumers for $90,000. Typically, a period where GDP is falling for at least 6 months is considered to be:
The firm must pay a fi xed cost of $80 if it produces any positive amount, but does not have to pay this cost if it produces no output. Illustrate what is the smallest integer price that would make a firm willing to produce a positive amount.
The consumer is indifferent between B and a lottery ticket with probabilities. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.
Please respond to the following: From the e- Activity, propose a methodology for assessing the risk in business contracts. Assess the economic impact this methodology may have for the organization.
If international trade increases prices, employment, and wages among more competitive and efficient producers but has the opposite effects among less competitive and efficient producers, why should anyone listen to opponents of international trade? E..
q1. markets left alone always tend to equilibrate that is find their way back to the equilibrium point. what is
If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate delivery increases
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