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Optimization with 2nd order conditions and identifying the properties of functions: 1. Solve the following optimization problems Check 2nd order conditions to confirm that your solution is a maximum. Check if the objective function is concave, convex, quasi-concave or quasi-convex. Explain the economic interpretation of the ratio of FOC. Explain the economic interpretation of the lagrangian multiplier (?)
a. q = K0.3L0.5 subject to 6K + 2L = 384
b. q = 10K0.7L0.1 subject to 10K + 4L = 4100
c. u = x0.6y0.6 given Px = 2, PY= 1 and B = 720
Explain the entities affected by industrial regulation in terms of marketplace structure.
q1. dynamic rather than static demand and supply conditions are typically observed in markets of real world. hence
Elucidate your reasons as to whether oligopolies are bad for society in part a and how it applies to the beer industry in part b. Submit your analysis in a one to three page paper.
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One organization must have high fixed costs also low variable cost also the other must have low fixed costs also high variable costs.
In a Cournot equilibrium, where both firms produce positive amounts of output, which firm do you expect to produce more. Explain your answer.
Compute the equilibrium price of guitars and the equilibrium quantity of guitars in State College.
Illustrate what is the value of the money multiplier. What is the value of the nominal money supply. What are the nominal values of deposits, currency, and reserves.
Illustrate what salary would be required for the soldiers to be as well off as with the allowance.
The country of Meditor uses the merit as its currency. What were its consumption and government expenditures on goods and services.
Suppose that there is no fixed production input (i.e. long run.) With the production function above, the slope of the isoquant is given by MRTS = -(K/2L). Assume the firm chooses to hold costs C at $50.
an across-the-board tax reduction in income tax rates or a package of tax-relief measures that would give every household a $200 tax rebate and allow them to deduct the interest they pay on credit card purchases?
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