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A restaurant owner has the following short-run production function:
Q=30L + 2L² where Q=number of meals served per day, and L=number of workers.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph.
b. Show the range of labour where stages I, II and III of production occur.
c. If workers can be hired for $40 per day and the average meal is $6, how many workers should be hired?
If the price of a fixed factor of production increased by 50%, what effect would this have on the marginal coast schedule facing a firm? a. None, because fixed costs don't affect marginal costs b. marginal cost would increase by 50%, c. marginal cost..
q1. jerry drives up to a gas station. before looking at the price he places an order and says id like 10 of gas. what
Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.
Illustrate what do you think would be the short-run impact on the firm's production.
You have come to realize which you are only buying 3 bottles of wine a week now whereas you utilized to buy six bottles of wine when you made $60,000 a yr. Given this situation you would describe wine as a.
If offshore assembly provisions were extended to include more goods, what would this do to the actual level of protection provided by a country’s nominal tariff schedule? Explain. If the extension of the provisions is made to final goods but not to i..
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. From the two businesses' prospective, the two products are indistinguishable.
q1. a community wants to construct a hazardous waste incinerator for household hazardous waste. the cost of the
Illustrate what are some of the benefits also costs which contribute to your customer value from each of the subsequent products.
mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments
When he purchased his home, al silva borrowed $280,000 at 10% interest to be repaid in 25 equal end-of-year payments. After making 10 payments, Al found he could refinance the balance due on his loan at 9% interest for the remaining 15 years.
Discuss what a manufacturer of each product might do in the short run to increase production. Illustrate how does the long run differ for these products.
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