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A competitive firm has the production function q =f(L,K) =rad(L)+2rad(K) , for which MPl =1/2rad(L) and MPk = 1/rad(K).
a. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2.
b. What is the firm's (total) cost curve at these factor prices?
“Teams, schmeams!” gripes your boss. “We have 100 workers making sleeping bags. Our costs our determined by the prices we pay for supplies and workers, and there’s not much else we can do.” Explain to your boss why team production may be important fo..
If the demand increases for a product like gasoline and there is no change in the supply of gasoline at the same time, then using SUPPLY and DEMAND CURVES, the new equilibrium price might go up or stay the same, or be lowered.
Elucidate how much the money supply will increase in response to a new cash deposit of $500 by completing the accompanying table.
Define the natural rate of unemployment and cyclical unemployment. How does the government measure the economy’s rate of unemployment? What problems arise in interpreting unemployment data?
Below are some economic data for Utopian (a nation that calculates Gross Domestic Product the same way that the USA does. Income earned in Utopian by foreign firms and residents = $120 billion
Why are entrepreneurs willing to supply goods and serices for consumers at attractive price - Is it because they care personally about the consumers?
If a central bank intervenes in the foreign-exchange markets and buys foreign currencies:
A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150- 0.01 x Demand for an annual printing of this particular product.
Which of the following is not investment spending?
1. you are a manager for a regional health system. using an estimate of the price elasticity of demand of -0.25 how
As a professional tennis player, an individual earns $300,000 per year. If employed as a model, the next-best option, this person would earn $120,000 per year. What is this tennis player's economic rent (profit)?
suppose that a big mac costs 5.00 in new york and sf30 in geneva. suppose further that the price of 1sf on that day is
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