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Jake and Paul run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function isQ= 4K0.75L0.25whereQis the number of reams produced,Kis the quantity of capital rented, andLis the quantity of labor hired. For this production function, theMPL=K0.75/L0.75and theMPK= 3L0.25/K0.25. The weekly cost function for the paper plant isC= 10K+ 2L, whereCis the total weekly cost. How much will it cost Jake and Paul to produce 1,000 reams of paper each week if they are minimizing their total costs?
Suppose that the production function for iPods isQ= 20K0.5L0.5. The marginal product of labor is 10(K/L)0.5, and the marginal product of capital is 10(L/K)0.5. Suppose that labor can be hired for $6, and capital can be rented for $9. If the firm has exactly $300 to spend on producing iPods, what is the maximum number of iPods it can produce
Show the effects of each of the following shocks on output (Y) and the price level (P) in both the short-run and the medium-run .Assume the economy is originally at the natural level of output (Y n ).
Consider the fictious good Derp. The demand for Derp is Q = 1200 - 2p. Suppose the supply is given by Q+-600+2P. Enter numbers only. If decimal, include decimal and round to nearest tenth.
One popular voting scheme is rank order voting, where persons assign a rank (1,2,3) to the possible options; the assigned ranks are then added up and alternative with lowest sum wins.
Explain how can this be sustained if people switch over to high priced goods which causes employees and companies in the lower priced goods market to go out of business.
The owner of the Los Angeles Dodgers has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q-How much revenue does the owner make at the current price?
What measures and tools does Federal Reserve have at its disposal to address economy. What has the Fed employed in the past two years to help economy?
The demand for shirts produced by a canadian manufacturer has been estimated to be P=30-Q/200
If the organization wishes to restore sales to 10,000 per month determine the price they need to charge.
pricefeedernbsp quantity demandednbsp quantity supplied300 nbsp nbsp nbsp nbsp nbsp nbsp nbsp 500 nbsp nbsp nbsp nbsp
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Explain how does the economy effect the Airline Industry. What are economic influences that affect the industry in a negative way.
Determine which type of regulation is used for each of the a. Preventing a merger that the government believes would lessen competition b. The activities of the Food and Drug Administration c. Regulation of fares charged by a municipal bus company
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