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A ?rms production process uses labor, L, and capital, K, and materials, M, to produce an output, Q according to the function Q = KLM, where the marginal products of the three inputs are MPL = KM,MPK = LM, and MPM = KL. The wage rate for labor is w = 2, the rental rate of capital is r = 1, and the cost of materials is m = 4 per unit. What is the long run cost minimizing level of capital that the ?rm must use to produce a target level of output, Q = 1000?
Suppose Mike’s utility consists of consuming two ordinary goods: Hotdogs (normal good) and beer (inferior good). Quantity and price for hotdogs and beer are Xh, Xb, Ph and Pb and his income is I. Draw Mike’s indifference curve, budget line and show t..
Firms can have: Accounting profits and economic losses, Accounting profits and economic profits, Accounting losses and economic losses, Accounting losses and economic profits.
Unemployment generally remains stable and static overtime. Changes in technology and new workers joining the workforce have contributed to the overall upward in the unemployment rate. The behavior of the unemployment rate is related to the business c..
The following activities would not be included in the GDP: the purchase of a new car, gratuities at a restaurant, and payment to a neighbor for lawn-mowing services. Identify three more examples of transactions that would not be included in the GDP. ..
Why do you suppose that employment growth is about 20 percent greater in unlicensed occupations than in licensed occupations? What do you suppose a typical state government does with the millions of dollars of occupational license fees it receives ea..
You are consulting with a company that is failing. It seems the CEO (recently fired) paid no attention to the board of directors. He was also heard to say, "I don't serve stockholders, employees, and government regulators - they serve the CEO." Write..
South Korea can produce a maximum of 600 million toaster ovens or 900 million tons of rice per year. The U.S. can produce a maximum of 700 million toaster ovens or 1,000 million tons of rice per year.
The two economies are so far apart that they don't share ideas and each evolves as a separate roomer economy.
What is the relationship between marginal cost and marginal revenue when single-price monopoly maximize profit.
Potato farming (like farming of most agricultural products) is highly competitive. Price is determined by demand and supply. Based on U.S. Find the competitive market price and output. Potato farmers in Montana raise about 7 percent of total output. ..
Refer to the following table. The externality created by the production of refrigerators was $100. However, once both the private and additional external costs were taken into consideration, the market price increased by only $50. If the external cos..
Suppose that currency in circulation is $500 billion, the amount of checkable deposits is $1,000 billion, excess reserves are $150 billion, and the required reserve ratio on checkable deposits is 10%. Calculate the money supply, the monetary base, th..
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