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Third Problem The short-run production function of a competitive firm is given by f(L) = 6L 2/3 , where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. 1. Plot a few points on the graph of this firm’s production function and sketch the graph of the production function, using blue ink. Use black ink to draw the isoprofit line that passes through the point (0, 12), the isoprofit line that passes through (0, 8), and the isoprofit line that passes through the point (0, 4). 2. What is the slope of each of the isoprofit lines? 3. How many points on the isoprofit line through (0, 12) consist of inputoutput points that are actually possible? 4. Make a squiggly line over the part of the isoprofit line through (0, 4) that consists of outputs that are actually possible. 5. How many units of labor will the firm hire? How much output will it produce? If the firm has no other costs, how much will its total profits be? 6. Suppose that the wage of labor falls to 4, and the price of output remains the same. Will the firm increase its output?
Describe the growth of the economic role of the federal government since the 1930s. Give two examples of public goods or services that you use. If you could order a cut of $100 billion in federal spending, which programs would you cut and why would y..
Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
Illustrate what makes measuring economies of localization or economies of urbanization difficult.
Suppose my grand grandmother in 1909 put $100 in the bank account for me. The bank has been paying the compounded (annual compounding) interest rate of 5% per year. If I go and pick up this money now (that is in 2009) how much money will I get?
What indictors are evident that there is too much or too little money within the economy? How is monetary policy aiming to adjust this?
What are the key contributions of small business to the U.S. economy? Rank the benefits in terms of importance, and provide the reasons for your ranking.
Describe the goals of the factory owners? Describe the goals of the employees? Describe the problem caused by the scarcity. What is the price of a life.
Two months after it began selling the food, its pet food sales declined dramatically because a competitor across the street started selling the identical food for $ 22 per bag. Should Roscoe's Rascals match the price offered by the competitor.
You plan to buy a common stock and hold it for one year. You expect to receive both $1.50 from dividends and $26 from the sale of the stock at the end of the year. If you wanted to earn a 15 percent rate of return, what is the maximum price you would..
HI5003 Economics for Business. Cost of production- in any industry in Australia where costs of production are an important issue and analyse what is being done in the industry. May be the industry is switching to technology or/and some substitutes..
A monopsony firm will not pay as much for factors of production as will a firm in a competitive market for inputs. Graphically, demonstrate the equilibrium solution for the monopsonist and explain why this is different than the competitive solution.
Robinson's demand for pineapples is given as Q = 40 - 4P while Friday's is Q = 20 - P. Supply is given as Qs = 6 + P, and Pc = $1. Find equilibrium price, equilibrium quantity, and the amounts Robinson and Friday will both end up consuming.
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