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A restaurant owner has the following short-run production function:
Q=30L + 2L² where Q=number of meals served per day, and L=number of workers.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph.
b. Show the range of labour where stages I, II and III of production occur.
c. If workers can be hired for $40 per day and the average meal is $6, how many workers should be hired?
Draw the Edge worth Box diagram for this economy also Explicate whether the initial allocation of cheese also bread is Pareto efficient.
q1. you want to buy a car that costs 24999. you have 3000 to pay upfront as a down-payment as well as you are
Shalimar Jubal has determined that demand for her phone cases is given by Q = 250 - 4P and a cost equation given by C = 50 + .5Q. Determine the optimal price and quantity for the firm. Determine the new optimal price and quantity.
In the 1790 Thomas Malthus predicted mass starvation because he believed population would always grow faster than out ability to increase agricultural production. Explain his theory in terms of diminishing returns to labor in the short run.
Although the web has brought many changes to the delivery of customer service some are good changes but not all are. What are the advantages and disadvantages of a web based customer service approach?
Describe the shape of the average total cost function and also label the minimum point on the curve.
Suppose a nation picks 1000 young adults at random to serve in the army. Illustrate what information do you need to determine the cost of using these people in the Army.
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
What happen if he goes to market, he must feed the horse 50lbs of rice. draw the budget constraint for beans and rice
Which of the following arguments strengthen the idea of floating exchange rates? A. Trade deficits can be corrected through changes in exchange rates. B. Changes in exchange rates will not impact the trade balance in the country. C. Governments shoul..
Describe the long-run effects of patent expiration on prices, output and profit in a monopolistic industry.
Do you believe the rise of globalization has caused the outsourcing of manufacturing jobs within the United States, or is this a natural progression due to the technological era we are in?
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