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Suppose that there is no fixed production input (i.e. long run.) With the production function above, the slope of the isoquant is given by MRTS = -(K/2L). Assume the firm chooses to hold costs C at $50.
a. If the wage rate, w, is $5 and the rental rate for capital, r, is $2, what is the optimal amount of labor and capital that should be hired?
b. If the wage rate increases to $10, how will the optimal amount of labor hired change?
Suppose that a calculator company operates in a perfectly competitive marketplace producing 5,000 Calculators every day.
Illustrate what is unusual about this market. Give an example of a good or service to might be characterized by this unusual market attribute.
Elucidate why would elasticity of demand be important to you in determining the products on which the taxes should be levied.
During the Great Recession, like any other economic downturns, as unemployment rises, aggregate income declines causing a major decline in tax collections.
Find the demand for L and R. Now assume that the price of right shoes increases. What will be the substitution eect from this price change? Explain.
A bookkeeper makes a significant posting error, which she later discovers and corrects. In fear of losing her job, she does not report the mistake to her supervisor. How should the employee have handled this situation and what should the supervisor d..
If quantity is 20 also if producers receive the seller's price for to output illustrate what is the amount of Producer Surplus.
Illustrate what is the capital account balance. Illustrate what is the financial account balance.
Illustrate what is the marginal revenue product function. Assume which most workers in Pakistan work 48 hours per week also which there are four weeks in a month.
Elucidate briefly in what way the HOV, or factor content theorem, extends the standard HO model.
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
As an advisor to the project manager, Derrick Westmuller, illustrate what set of procedures would you advise they adopt.
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