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Having a little trouble setting this problem up. Would appreciate the detailed set up and solution.
A production function has 2 inputs - labor and capital. Both are perfect substitutes. Existing technology permits 1 machine to do work of 3 workers. The firm wants to produce 100 units of output. Suppose the price of capital is $700 per machine per week. What combination of inputs will the firm use if each worker is paid $300 per week? What combination of inputs will the firm use if each worker is paid $225 per week? What is the elasticity of labor demand as the wage falls from $300 to $225?
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Examine the factors that determine the price of computers in a free market.
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
There're many different kinds of monopolies which exist in the market. you're going to talk about the different kind of monopolies, their place in the market, and their effect on society. please describe the following:
What is a market structure? Define and discuss in detail the differences between a monopoly, an oligopoly, perfect competition and monopolistic competition.
Find out the quantity at which profits are maximal. given that quantity, find out the price charged and monopolist's profits. (solve for answers using the equations)
Describe and discuss the model of perfect competition and adopting strategies to gain market power in the competitive industries.
What are some the kinds of incentives for providers for efficiency in delivery of healthcare services. Describe who bears the financial risk, the provider, the patient, or the managed care organization?
What is the approximate Herfindahl index? What is the four-firm concentration ratio?
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
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