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Question: Suppose there are 10 firms producing fresh mochi ice cream in the Los Angeles area. The production function for each firm is given by Q(K, L) = K v L, the rental rate per machine is $2000 and the wage is $36. The capital for each firm is fixed at 12 in the short run. The Los Angeles demand for fresh mochi ice cream is given by QD = 1000 - 80P. Determine the quantity produced by each firm in the short run. Hint: This question asks you to put together many of the concepts from the beginning of producer theory. We have done each piece separately, and now let's figure out how they fit together. To start, we know that we could figure out how much each firm produces if we knew the market equilibrium price. How can we get market equilibrium price?
If the U.S. economy is operating near full employment and the exhange rate increases(the dollar appreciates),
Derive an algebraic expression for the demand for labour, Based on your results, derive an expression for the elasticity of labour demand with respect to the real wage rate.
An entire box of ice cream, plus 3 scoops from a second box is served at a party. How much ice cream do you expect to have been served at this party? What is the standard deviation of the amount of ice cream served?
In February 2015, Wal-Mart announced that it would increase the pay rate for all its lowest paid workers. Is this wage increase a growth in fixed costs or variable costs? Would it be affected by output? If Wal-Mart's sales drop off, how might the ..
What are the pros and cons of each from a government perspective? Why would cash transfers typically be preferred by recipients over in-kind transfers?
In many industries, such as supermarkets, banks, cell phonecompanies, etc., because of mergers our choices as consumers arereduced to two or three competitors. Do you think thisis good for the economy
During China’s Cultural Revolution in the late 1960s andearly 1970s, highly educated people were forced to move to farms and work in the fields. Some were common laborersfor eight or more years.
Let the cost function c(w,r,y) of a firm give the minimum cost of producing y units of output using labor input, L, and capital input, K, when w is the wage (i.e. the price of labor input) and r is the interest rate (i.e. the price of capital inpu..
To repay a $1000 loan, a man paid $90 at the end of each month for fifteen months. What was the (annual) nominal interest rate? Assume monthly compounding.
Examine the current status of the U.S. Border Patrol along the Mexican border. What makes the duties and responsibilities of this position one of the most important and dangerous of any law enforcement position in the country?
Calculate what the elasticity of demand for tickets must be for children under 12 years of age if prices are optimal.
1. Chloe consumes chicken wing (x) and beer (y). Let Px+Py=M be Chloe's budget constraint and her utility function is U(x, y)=5xy. a. Find the formula of income-consumption curve. (This is nothing new. You have solved this many times before.)
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