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Suppose that the production function for Hannah and Sam’s home remodeling business is Q = F(L, K) = 10L0.2K0.3. If the wage rate is $1,500 per week and the cost of renting a unit of capital is $1,000 per week, what is the least-cost input combination for remodeling 100 square feet each week? What is the total cost? [HINT: We did a similar problem in class. Also, you need to use the fact that under the given production function, MRTSLK = 2K/3L.]
Consider the data given in the problem above and assume that Hannah and Sam are currently remodeling 200 square feet each week. That is, their capital stock is fixed at the level that corresponds to the cost minimizing input combination for remodeling 200 square feet each week. And capital stock cannot be changed in short run while labor is completely variable. What is their short-run and long-run cost function?
Although there was no migration between the states, after Jan. 2003 employment rose in Hamilton and fell in Franklin. How can this be explained.
If a tax were to be imposed on one of these items, for which item would the tax be the most efficient.
Draw a cash flow diagram for just the tax amount due to the depreciaiton, including the gain from this portion at EOY 8. Calculate the present worth of this cash flow. This is the amount gained by depreciating the property.
the short-run equilibrium values; and vi. the long-run equilibrium values. State in words what happens to prices and output in the short run and the long run.
A bank manager advises all of his loan officers that the average cost of funds for the bank over the past year
Explain due to a growing US economy, the overall market demand for nails will increase by 2%. Based on this information, should you plan to increase or decrease your production of nails.
q.consider the following cobb-douglas production function for the bus transportation system in a particular cityq
Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate
q.assume an industry is composed of the following eight firms.company market sharefirm a 30 percent firm b 25 percent
Supply and Demand in the Cell Phone Market.
Explain how much profit will the perfectly competitive firms earn. Explain how much profit will the monopoly firm earn.
A bond has a face (par) value of $17,492; it will mature in 5 years. The bond coupon rate is 1.50%; there are 11 premium payments per year. If the bond is purchased for 96.99% of its face value and later sold at its face value, what is the bond yield..
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