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Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. a) Explain why the cost/hour of producing 1000 gumballs is 2v+w (where v is the hourly rent for gumball presses and w is the hourly wage). b) Assume Acme can produce any number of gumballs they want using this technology. Explain why the cost function in this case would be TC=q(2v+w), where q is output of gumballs per hour, measured in thousands of gumballs. c) What is the average and marginal cost of gumball production? d) Graph the marginal and average cost curves for gumballs assuming v=3 and w=5.
Variable costs are costs that _______ in total, but ________ as the business activity level changes: A. change; remain constant per unit B. change; change per unit C. remain constant; remain constant per unit D. remain constant; change per unit
Illustrate what role does each marketplace structure play in the economy.
Based on the analysis of the bubble policy given in this chapter, discuss why transaction costs are so important in explaining the success or failure of the EPA's bubble program. How would you devise a program that minimized the transaction costs of ..
Drug Testing-Third Party Beneficiaries: Bath Iron Works (BIW) offered a job to Thomas Devine, contingent on Devine's passing a drug test. The testing was conducted by NorDx, a subcontractor of Roche Biomedical Laboratories. When NorDx found that Devi..
Conduct a light research on the role of emotion in negotiation process, and the effect it has on the outcome of the negotiation. Does emotion delay the negotiation process, or prevents parties from reaching an agreement? Why or why not? Evaluate some..
In December 1994 a man in Ohio decided to deposit all of the 8 million pennies he’d been saving for nearly 65 years. (His deposit weighed over 48,000 pounds!) With a reserve requirement of 10 percent, what will be the cumulative change for the bankin..
Suppose the Federal Open Market Committee decides to buy $40 billion in securities as part of their open market operations. For each of the following, identify whether the component mentioned will increase or decrease.
Suppose that your utility function is U = ln(3I), where I is the amount of income you make in a given year. Suppose that you typically make $30,000 per year, but there is a 5 percent chance that, in the next year, you will get sick and lose $20,000 i..
Explain how each of the following events will affect the budget line. (use a graph too if you think it will help)
1. Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
If the government purchases also taxes are both increased by $100 billion simultaneously illustrate what will the effect be on equilibrium output.
q.tax cut under fixed as well as flexible exchange rates1 what is the impact of a tax cut in an economy operating under
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