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A perfectly competitive firm uses capital and labor to produce output, in the short run, according to the following production function: Q=K1/2L1/2 1. Find the amount of capital and labor that will maximize profits 2.Show second order conditions for the maximum 3. Show graphically the profit maximizing level of inputs and provide an economic explanation for the equilibrium point 4. show mathematically that the equilibrium conditon is satisfied 5. What modifications to your model are necessary if we assume the firm is a monopoly?
Assume an economy with a total population equal to 1. Individuals can only be employed or unemployed. Suppose this economy’s steady-state unemployment rate is 5%. We know that workers can lose their jobs and become unemployed with probability 4%. Wha..
Assume consumption is represented by the following: C = 400 + .5Y. Also assume that planned investment (I) equals 100. Given the information, calculate the equilibrium level of income. Given the information, calculate the level of consumption and sav..
Sales and profits for a new product are uncertain. The predicted sales may be as high as 10,000 units per year with a probability of 10%. The most likely value is 7,000 units per year. The pessimistic value is estimated to 5,000 units per year with a..
What is the impact of a tax cut in an economy operating under a fixed exchange rate regime on household spending, interest rates.
The owner of a luxury motor yacht that sails among the 4000 Greek islands charges $344/person/day if exactly 20 people sign up for the cruise. However, if more than 20 people sign up (up to the maximum capacity of 100) for the cruise, then each fare ..
Choose a specific product that you use on a daily basis (such as food items, toiletries, or your car). Who are you (demographics, psychographics, etc.)? What do you do with the product (consumption, storage, disposal, etc.)? Where do you purchase the..
q1. use the following general linear demand relationsqd 100 - 5p 0.004m - 5 pr where p is the price of good x m is
The reason that the local telephone company is able to engage in price discrimination between business and residential customers in providing local phone service is that
Draw the function Y = F(K, L¯) in terms of Y and K, for some fixed L. On the same graph, plot the cost function for renting a certain amount of capital at a rental price of R, i.e. RK. For a profit maximizing firm, illustrate graphically how much cap..
What happens to assumptions over time and what makes the best budget assumptions and what happens to invalid assumptions?
A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. If the owner wants to keep units s..
List two examples of contractual alliances and two examples of equity-based alliances. Are mergers or are acquisitions more common? Why? In what two primary areas do formal institutions affect alliances? Using the VRIO framework, describe the differe..
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