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Question: A firm uses a production function of the form Y=z*K^0.33*Nd^0.67 and chooses labor input Nd to maximize profits taking the wage rate w that it pays per unit of labor as given. First, write down the profit function of the firm. Assume z=10, K=100, and wage w = $20.
a) Solve for optimal labor demand Nd* of this firm. Nd* =
b) The government now introduces a wage subsidy to help out the firm. The wage subsidy s = $4 per unit of work. Given this subsidy solve for the new optimal output level of the firm. Y* =
c) Calculate the marginal product of labor at Nd = 3.
d) Calculate the marginal product of labor at the optimum, i.e. at Nd*.
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Consider the following production function f(K, L) = 2K + 3L. Suppose w is the wage paid for each unit of labor, and r is the capital return.
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Assume the total cost of a firm is given by TC(L, K, R) = 2L2 +3K2 +4R2 +3LK +5LR+6KR-35L -39K -53R+54 where L, K, and R are the units of labor, capital and the raw materials (all in 1000 units) used in production. Find the combination of labor, c..
Continue the presentation started in the first module by examining a third topic. Distinguishing features of life cycle costing. Advantages and disadvantages of life cycle costing.
Assume you are the owner of a small cafe that employs 15 people, 10 of whom are front-line, unskilled workers, and currently paid the minimum wage. The state government is considering increasing the minimum wage. As a business owner, would you su..
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What sorts of contract oversight by the government are necessary to ensure privatized services remain in line with the intention of policymakers?NEEDS TO BE 250 Words following APA format with at least one credible reference
Draw diagrams with domestic supply and demand curves for each country and each of the two goods. As a result of NAFTA, the United States now imports tomatoes from Mexico and the United States now exports poultry to Mexico. How would you expect the..
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