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Assume that the production of lollipops is one of fixed proportions. To produce one case of lollipops, it takes 0.5 person-hours and 1 machine-hour. Assume that the hourly wage rate is $9, and the hourly rental rate is $25. a. (9 pts) Draw the expansion path for this production, including the isoquants q = 15 and q = 30, the cost minimizing combinations of L and K ((L*, K*) & (L**,K**)), and the associated isocost lines. b. (4 pts) In a new graph, sketch the LR total cost curve, including the total cost for q = 15 and q = 30. Is the LR TC curve linear, convex, or concave? (Hint: think about returns to scale.) c. (3 pts) In a new graph, draw the MC curve.
To purchase a house for $80,000, a new couple has $12,000 available for down payment. get a new standard mortgage with 10% APR interest compounded monthly for a 30-year term. What is the effective rate for option 2 per year? Compute the monthly payme..
annual cost of $10,000, and a salvage value of $5,000 after its 10 year life. At an interest rate of 10% per year, what is the capitalized cost of the alternative?
During recession years,
Where necessary you will need to support the tax return using spread sheets, databases and internet information. In completing this activity you must show that you can apply statute, regulation and precedent to a client's circumstances, develop op..
Explain the economic effects of spillover benefits? Thoroughly and completely explain how spillover benefits are corrected and the economic implications of the corrections?
Using the midpoint method, calculate the price elasticity of demand for winter wheat.
Equipment purchased 2 years ago for $70,000 was expected to have a useful life of 5 years with a $5,000 salvage value. Its performance was less tha expected and it was upgraded for $30,000 one year ago. If replaced the existing equipment will be sold..
q.suppose that every driver faces a 1 probability of an automobile accident every year. an accident will on average
q1. in our study of the problem of measurement error in the dependent variable we learn that one solution is to use
A 25-year-old engineer is opening an individual retirement account (IRA) at a bank. Her goal is to accumulate $1 million in the account by the time she retires from work in 40 years. The bank manager estimates she may expect to receive 8% APR, compou..
Refer to situation. An economist would predict that onc e price controls were abolished in the spring of 1974,A) The price of gasoline would decline sharply B) The surplus of gasoline would vanish
You have $1000 to invest over an investment horizon of three years. The bond market offers various options. You can buy (a) a sequence of three one year bonds (b) a three year bond or (c) a two year bond followed by a one year bond. The current yield..
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