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A firm's production function can be written as:
Q = 5(L)^1/2(K)^1/2
where Q represents output per day. The unit costs of inputs are $150 for labor (L) and $1,000 for capital (K). Determine the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons per day.
In country B the opportunity cost of 100 gallons of beer is 0.95 tons of cereal. Both countries can experience gains from trade if the exchange rate for a ton of cereal is 96 gallons of beer
Explain how Democratic is it to support an unelected judiciary. Defend your argument for or against the election of federal judges and Supreme Court justices.
Indicate two public policies that would be appropriate for addressing this situation. Explain their impact on your graph.
A tax placed on buyers of airline tickets shifts the
which revealed that the buyers were, on average, willing to pay a premium of $295 for an IBM computer.
If congress took steps to consolidate banks, thereby reducing the total number to 2,500, illustrate what would you expect to happen to costs within the banking industry.
Illustrate what do your previous answers imply for the price of haircuts relative to the price of food.
Industries in the US also Europe can produce only two goods, cars also wheat. For given resources also technological how. Industries in the US can produce 1000 tons of wheat if no cars are produced.
Original owners must sell their used cars. Original owners know what their cars are worth, but buyers can't determine a cars quality until they buy it.
How might oligopolistic increase total revenue without changing prices.
Find the profit-maximizing choice of q for this miniature farm; also compute profits that will be earned at this choice of q.
What does the high degree of effective control of the world economy by 'the corporate tribe,' along with the extreme concentration of personal wealth in the United States in the hands of the same individuals.
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