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A firm’s production function is given by: f(L, k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
At an Asian mobile service provider, the demand for voice calls has a price-elasticity of demand (PED) of -0.085 (or if we take the absolute value, PED = 0.085) and cross-price elasticity (CED) with respect to the price of short message service
Managers are very interested in how a consumer makes a choice among alternatives. In this exercise, we ask you to consider the amount of money you spend purchasing gasoline to operate your automobile for a month and any alternatives available to y..
Describe the legal environment of business, the sources of American law, and the basis of authority for government to regulate business.Explain basic court procedures, types of courts, and alternative dispute resolution methods.Use technology and in..
Suppose you are an economic advisor to the president, who has asked you to design a program to reduce the amount of unemployment associated with displaced workers. What major elements would your plan include
1. suppose you have 24 to spend on either tea t or sugar s. sugar costs .10 per and tea costs .60 per cup
Management attributes the increase in revenues to a 137 percent increase in shipments, despite a 17 percent drop in the average blended selling price of its line of phones. Given this information, is it surprising that the company's revenue increa..
A local cable company, the sole provider of cable television service, is regulated by the municipal government. The owner of the company claims that she is normally opposed to regulation by government, but asserts that regulation is necessary beca..
How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)?
Consider the following simple economy with no government or foreign sector: Consumption: C=200+0.8Y Investment: I=100. What is the equation for aggregate demand (AD) for this economy? What is the equilibrium level of income? What is the value of the ..
production of a particular product is characterized by external scale economies and the product is produced in two
use the data below to answer the following questionsinterest ratesupply of loanable fundsmillions investment demanded
Explain what is meant by "in-kind transfer" programs. Briefly outline the pros and cons associated with an in-kind transfer program
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