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Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). If the firm has an extra worker and no more capital, it can produce only one unit of output. Similarly, one more unit of capital produces no extra output.
a) Draw 3 isoquants for this production function with labor on the horizontal axis. Label each with the associated total production. That is, label each with the appropriate Q = #.
(b) In the short run, the firm has 8 units of capital. Draw the short run production function and provide its formula.
(c) On a separate graph from part (b), draw the marginal product of labor and provide its formula.
(d) On the same graph as part (c), draw the average product of labor and provide its formula.
How much is the uniform annual revenue in years 2 through 5 to achieve economic equivalence if the company decides to use MARR.
Suppose the National Commerce Bank has just started its operation with $10 million of Capital. On the first day, it receives total checkable deposits of $90million. The bank makes $30 million commercial loans and as safe investment it buys T-bill for..
explain exactly how you would take advantage of this situation to create a riskless profit.
q.your firm is considering the purchase of an old office building with an estimated remaining service life of 25 years.
Elucidate why the general level of wages is higher in the United States and other industrially advanced countries. What is the single most important factor underlying the long-run increase in average real-wage rates in the United States.
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetratio..
According to the principle of monetary neutrality: If the Fed increased the supply of money, and velocity remains unchanged, according to the quantity equation: Suppose the value of goods and services produced in an economy is $10 billion, but the to..
q.think of another good that you have purchased recently or you could continue with the good you selected in tda i. be
Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected.
Why is efficiency lost at the boundaries as when substantially more of one good and very little of another is produced.
The Department of Justice concluded that satellite radio is not a market in and of itself while reviewing XM and Sirius merger. What other kinds of competitors did the DOJ include in the market? Discuss.
Illustrate what relationship exists and how might a business manager use this information to increase their profits.
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