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Consider a production function of two inputs, labor and capital, given by Q=( L^1/2+ k^1/2 )^2 The marginal products associated with this production function are as follows:MPL=[L^1/2+K^1/2]*L^(-1/2)MPK=[L^1/2+ K^1/2]*k^(-1/2)Let w =2 and r = 1.a) Suppose the firm is required to produce Q units of output. Show how the cost-minimizing quantity of labor depends on the quantity Q. Show how the cost-minimiz- ing quantity of capital depends on the quantity Q.b) Find the equation of the firm's long-run total cost curve.c) Find the equation of the firm's long-run average cost curve.d) Find the solution to the firm's short-run cost- minimization problem when capital is fixed at a quantity of 9 units (i.e., K 9).e) Find the short-run total cost curve, and graph it along with the long-run total cost curve.f ) Find the associated short-run average cost curve.
A function of government is to regulate natural monopolies. Describe what is a natural monopoly and why it needs government regulation
Find the willingness to pay for the football team and find the indifference curves for both North BEH and South BEH as a function of W and R.
Economic theory leads to the conclusion that, under certain circumstances, the free-market outcome is efficient. Specifically, an outcome is said to be efficient if:
Using a spreadsheet like the following, entering formulas for the total revenue and consumer’s surplus, and given the following demand curve of a consumer for a monopolist’s product Q = 14-2P (a) find the total revenue of the monopolist when it sells..
A consumer has a utility function of U(x,y)=xy+6x+6y. The price of good X is Px, customer income is I, hence constraint is x(Px)+y(Py)=I
Forecasting models can be divided into three groups. They are:
Under what circumstances, and why, would the government be opposed to a merger of two firms How does the Justice Department decide which mergers to challenge
According to Cahner's In Stat Group, number of worldwide wireless phone users will soon reach one billion. In the United States alone, the number of users is expected to increase by 17 million per year for the next five years.
People must make choices of what to consume or produce because of
Let the supply and demand quantities, Qd and Qs for a single commodity be given in terms of the price P, by Qd = 10 ? 2P, Qs = P ? 2, Qd? 0, Qs ? 0, P ? 0. The equilibrium condition is Qd = Qs. What is the minimum price suppliers will charge? Describ..
Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. How do you know that the industry is in long run equilibrium. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustme..
When thousands of products and their prices are at stake, does it make sense that comparative advertising at the store level be permitted? Based on what you read and any further research you choose to do, has Wal-Mart competed fairly with its compara..
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