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The manager of Dixie Furniture Company estimates that the daily output of her factory (in thousands of dollars) Q is given by Q = 2x^1/4y^3/4 where x is the amount spent on labor and y is the amount spent on capital (both measured in thousands of dollars).
(a) Find the daily output of the factory if $81,000 is spent on labor and $256,000 is spent on capital each day.
(b) Suppose that the output of the factory is to be maintained at the level found in part (a). By how much should the amount spent on capital be changed if the amount on labor is increased by $1000? (Use the differential to calculate the answer. Round your answer to the nearest cent.)
What is the MRTS? (Round your answer to the nearest cent.) per thousands of dollars
Which is the most likely reason that a manufacturer that sells its own products under its own brand name(s) might consider producing private brands? to weaken the positions of its distributors. to reach additional market segments. to increase fixed c..
Under dividend-discount model stock prices: The difference in the price of a zero coupon bond and a coupon bond with the same face value and maturity are simply: To reduce overall portfolio risk through diversification,
Explain how an improvement in lifestyle would alter the shape of the total product curve for medical care. (Assume that both total product and marginal product will increase). Also provide a graph to illustrate your answer.
what value would you predict for S? b. What happens if P is reduced to $17,1500? c. How would you go about developing a value for k? d. What are the potential weaknesses of this model?
q1. is it advantageous for all countries to utilize cheaper labor or does importing your goods back to the u.s. still
Assuming: Price is $80 demand and total supply is 32, OPEC supply is 13 and Non-OPEC supply is 19. Short run world demand Price elasticity is -0.5, long run is -0.30. The short run OPEC price elasticity is .05 and the long run is 0.30. What is the lo..
Which of the following jobs is the least likely to be filled by an economics major?
A change in a firm's technology that decreases its production costs will result in:
The demise of the U.S. auto industry would have a devastating impact on our national economy and specifically the economies of Michigan and Ohio.
What is the primary advantage of revealed-preference valuation methods (e.g. hedonic pricing and travel cost methods)? What is their primary disadvantage? Explain both answers briefly.
The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm’s total cost function is TC = 1,000 + 20Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s ec..
You are the assistant to the CEO of a major company. Your CEO keeps an eye on the competition, and asks you to do the following. Using ratio analysis, compare two major competitors in the same industry. One of your two companies can be the same compa..
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