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I believe that fast food restaurants show short run production function because of the one fixed input, capital. But, I need to elaborate more and produce the production function equation Q=F (L,K,M...) Can you please help?
Also on the fast food restaurant like McDonalds, fixed and variable cost are fixed is capital, building, stove, refrigerators..... and for variable, wages, and materials, hamburgers, potatoes.... Is that correct?
What does the market for sugary sodas look like? Provide a supply-demand graph with realistic prices.
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
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Select an organization you work for or are familiar with. Could the organization you have chosen lower prices to increase revenue?
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
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Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
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