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A firm manufactures widgets according to the production function Q = 8L3/4 K1/4, where Q is the number of skis made, K is the amount of capital, and L is the amount of labor employed. The firm is currently producing Q = 120 using L = 15 and K = 15. The factor price of Labor (w) is $10 and the factor price of Capital (r) is $2. The firm suspects that it is not minimizing the cost of producing Q = 120 and has hired you, a student taking a course with the most famous economist in campus, to help it understand the nature of its inefficiency. a) At the current level of production (Q = 120) what are the marginal productivities of Labor and Capital respectively? MPL = Answer MPK = Answer b) What are the current cost of production for the company? TC = $Answer c) In order to minimize the costs of production the company should use more Answer d) In order to miminize costs of production the company should use the following input ration: K = Answer L e) Say the company wanted to continue use the same total costs as to when K and L = 15, and instead produce more output. How much output can the company produce? Q2 = ?
Your firm wants to sell its product in each of several foreign countries, and you must decide whether to do so by exporting or by producing locally for that market through FDI. If you export to a given country located at a distance d, what would the ..
In a Cournot oligopoly, a decrease in a firm's marginal cost leads to. When two firms compete as a Cournot duopoly, the resulting market price is ______________ the price a monopolist with the same market demand and (greater than, smaller than, the s..
Explain the policies that are available to the government to increase Aggregate Supply. Explain how the fractional reserve banking system creates money. What is a liquidity trap? Explain using a money supply- money demand diagram. Explain the fiscal ..
If the Bill and Melinda Gates Foundation were to buy out and destroy the patent for Combivir, which of the following would NOT be one of the effects? Monopolists typically prefer not to segment markets.
One problem with using an actual cost system to allocate overhead is that:
Describing how the average and marginal grade concepts, and other economic concepts which we have covered up to this point, relate to your everyday life. Begin by stating your average grade either as a percentage or as GPA.
As an economist working at the International Monetary Fund, you are given the following data for Japan: observed per capita GDP, relative to the United States, is 0.760; predicted per capita GDP, given by y=k^1/3, is 1.06. What is total factor produc..
Jane just finished a Pepsi and is wondering what to do with the can. She takes a moment and thinks about the actions available to her, and decides that she can either recycle the can or throw it on the ground. the rightness or wrongness of an action ..
It was reported that Japan's fishing, aquaculture (tuna and salmon), food processing factories and cold storage areas had been badly affected.
Explain if promoting growth within certain sectors of the American economy is a good reason for the federal government to engage
The Consumer Product Safety Commission is reconsidering a rule it first proposed in 1997 that would require child-restraint caps on household products, including cosmetics. When the rule was first proposed, it was resisted by the cosmetic industry an..
Jade Larson Antiques owes $20,000 on a truck purchased for use in the business. The company makes principal payments of $5,000 each year plus interest at 8%. Which of the following is true?
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