Production functions and marginal products

Assignment Help Business Economics
Reference no: EM131379958

PRODUCER PROBLEMS

1) Production Functions and Marginal Products: How do inputs turn into outputs?

2) Iso-quants/-costs and cost-minimization: What’s the best way to produce a given level of output?

3) Cost Curves and Time: What is the relationship between MC, AC, and AVC and do how those curves change in the short-run and long-run?

4) Profit Maximization: How much should the firm produce, and how to produce it, at given output prices?

5) Supply: How does output respond to changes in output price, at the firm and market levels, in short-run and long?

Reference no: EM131379958

Questions Cloud

The wrong side of globalization : "The Wrong Side of Globalization" by the Nobel Prize winning economist, Joseph Stiglitz - originally from Gary, Indiana. How does he characterize trade agreements?
Deviations from efficiency : Monopoly/Monopsony: Why is MR pS for a monopsonist, and why does it matter? Game Theory: What is the Nash equilibrium for some simple game?
Consumer problems : Representing Budgets and Preferences: How do you translate from a description to budgets/indifference curves. Optimal Choice: At the optimal bundle what relation does the indifference curve have to the budget line?
Described by the demand curve : Acme Drug Co. has a patent on the drug A-rene, the annual demand for which can be described by the demand curve: How many units of the drug will Acme produce each year, and what price will it charge, in order to maximize its profits? What will be its..
Production functions and marginal products : Production Functions and Marginal Products: How do inputs turn into outputs? Iso-quants/-costs and cost-minimization: What’s the best way to produce a given level of output? Cost Curves and Time: What is the relationship between MC, AC, and AVC and d..
Firm in competitive labor market offers : If a firm in a competitive labor market offers less than the market wage rate, it will:
Identical firms produce in initial competitive market : Suppose 100 identical firms produce in an initial competitive market: P=10-Q/200 and P=1+Q/200. Find the competitive equilibrium price, industry output, and firm output. If they form a cartel what would be the profit maximizing output and price.
Firm fixed proportion production function : Suppose that a firm’s fixed proportion production function is given by q = min(5k,10l). Calculate the firm’s long-run total, average, and marginal cost functions. Suppose that k is fixed at 10 in the short run. Calculate the firm’s short-run total, a..
Proposing side has weakly dominant strategy : In class we saw that when Deferred Acceptance is used, the proposing side has a weakly dominant strategy of being truthful. Use this result to show that serial dictatorship has the same properties.

Reviews

Write a Review

Business Economics Questions & Answers

  What is the net present worth of investment

The new extruder will increase the company's annual income by $90,000. Maintenance and operating costs are expected to be $4,000 during the first year and to increase by $1,200 each year. XYZ uses a before-tax MARR of 12% for its preliminary economic..

  Two firms supply coffee at market

Two firms supply coffee at a market. Firm 1 has lower marginal costs than firm 2, reflected by constant marginal costs c1

  Estimated that the future general inflation rate

A man is planning to retire in 20 years. Money can be deposited at 6% interest compounded monthly, and it is also estimated that the future general inflation rate will be 4% compounded annually. What amount of end-of month deposit must be made each m..

  Fraction of any change in income will survive the leakage

If import spending were the ONLY leakage from an economy and the marginal propensity to import is one-third, what fraction of any change in income will survive the leakage and go on to start the next round of spending?

  The minimum point of our average total cost curve

The CEO of a major automaker overheard one of its division managers makes the following statement regarding the firm’s production plans: ”In order to maximize profits, it is essential that we operate at the minimum point of our average total cost cur..

  A merger will likely lessen competition

A merger will likely lessen competition if

  Tax rate at appropriate level to maximize its tax revenues

To set a tax rate at the appropriate level to maximize its tax revenues, a government must engage in

  Which is the actual cause of this isolation in individuals

The real question is how we solve this problem in modern society which is the actual cause of this isolation in individuals? What is the Latest proto type’s care is needed to challenge the existing prototype, which frequently eliminates remote caregi..

  Could you make argument that these markets not competitive

Do you agree with this statement? Could you make an argument that these markets are not competitive?

  Find the cross elasticity of demand for these two goods

If the price of laser eye surgery falls by 50 percent and the quantity of contact lenses demanded falls by 25 percent, find the cross elasticity of demand for these two goods.

  Identify and discuss two ways that a business could reduce

Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or Web applications.

  Existence of market failure does not signal

Imperfect competition is the norm, so healthcare markets cannot work. Analyze this comment and explain your answer. The existence of market failure does not signal what should be done in response.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd