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An orange grower has discovered a process for producing oranges that requires two inputs. The produciton function is y = min{2x1 , x2 }, where x1 and x2 are the amounts of inputs 1 and 2 that he uses. The prices of these two inputs are w1 = $5 and w2 = $2, respectively.
(a) What are the input levels for both x1 and x2 in order to minimize the cost for the orange grower
MB is change in total benefit when adding one more unit and MC is change in total cost when adding one more unit. How many burritos should I eat.
When I look at a cost function such as TC=9000 + 9Q, Am I correct that the 9000 in this figure is overhead and the 9 would be the marginal cost, Q would be the qty produced?
1. Define business cycles. How is national debt affected by business cycles?
Discuss the role of advertising also the desired impact on the industry's demand curve. Contrast this to advertising at the industry level.
One reason firms in monopolistic competition can charge different prices is that their products are identical 2 similar 3 differentiated 4 guaranteed. The Clayton Act prohibits price discrimination. In monopolistic competition, there is no need for..
What influence did the elements of the Juran Trilogy have, if any, on the company's quality training curriculum? If the company does not have a quality curriculum, why do you believe, based on your research, it adopted the Juran Trilogy but did not m..
The Nippon Switch Corporation is an importer and distributor of Japanese packet switches, special routing devices that direct data traffic to various computers on a large private telecommunications network for companies like GM, Sears and 3M. Calcula..
Would the effect on aggregate demand be larger if the Bank of Canada took no action in response, or if the Bank were committed to maintaining a fixed interest rate.
How does price discrimination help cover fixed costs?
If the price of a fixed factor of production increased by 50%, what effect would this have on the marginal coast schedule facing a firm? a. None, because fixed costs don't affect marginal costs b. marginal cost would increase by 50%, c. marginal cost..
If mary decided to go on the road trip, what is her opportunity cost?
The price of a dozen roses in the United States is about $30. If $0.559 U.S. dollars can purchase 1.00 Turkish Lira, how much does the same dozen roses cost in Turkey, if purchasing power parity holds? A. 16.78 lira B. 55.90 lira C. 53.64 lira D. 30...
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