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Q1. Use the following information on a hypothetical short-run production function to answer questions a-c. Units of Labor/Day 5 6 7 8 9 Units of Output/Day 120 140 155 165 168 The price of labor is $20 per day. Ten units of capital are used each day, regardless of output level. The price of capital is $50 per unit. a. Calculate the marginal and average variable product of each unit of labor input. b. Calculate total, average total, average variable, and marginal costs. c. Can you tell where diminishing marginal returns sets in? Q2. Explain the difference between the short run and the long run as it relates to the firm's production function. Why is this distinction important to a firm''s manager? Q3. From the manager's perspective it is important to treat implicit costs as explicit in order to make sound strategic decisions. Explain why giving some examples.
problem 1. utilize okuns law to answer the questions belowutnbsp- ut-1nbsp -0.4gytnbsp- 3 assuming ut-1nbsp 7a.
Monopoly with two production plants and cost functions of C1 = 50 + 0.1 Q1^2 and C2 = 30 + 0.05 Q2^2. Compute the profit maximizing level of output
Assume your company has asked you to examine two mutually exclusive projects for coming year. Project A will have an initial outlay of $7,200. Project B will cost $6,800.
a. pay and productivity there is significant disagreement whether a dependable positive correlation relationship exists
Suppose you are contemplating an investment project that has 2-phases. As currently planned, 1st phase of the project needs an investment of $100,000 today.
BP recently evaluated a proposal for switching to a new system of storage for refined petroleum products. Based on their analysis of the project, the initial investment required for project is 50 million dollar,
David Ding advertises on a local radio station. For last 6-weeks, the manager has kept records of the number of minutes of advertising that were bought, and the sales for that week.
Suppose a company employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is five unit of output and that the price of output is $4.
A European consortium has spent a considerable value of time and money making a new supersonic aircraft. The aircraft gets high marks on all performance measures except noise.
Imagine you are a manager of a chemical company. An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the ..
A new manager recently was given an project to make two possible wage schemes for a design firm. The manager came up with the following packages:
q1 the harold shipman private healthcare clinic ltd specialises in hip knee and shoulder replacement operations that it
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