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Suppose that a firm’s production function is given by Q = KL + K. At point A, the firm uses K= 3 units of capital and L = 5 units of labor. At point B, along the same isoquant, the firm would only use 1 unit of capital.
Calculate how much labor is required at point B.
Suppose that there is no fixed production input (i.e. long run.) With the production function above, the slope of the isoquant is given by MRTS = -(K/2L). Assume the firm choo
What is the uncertainty of outcome hypothesis? What does the standard deviation statistic tell you? What is a shortcoming of using the standard deviation of winning percentage
A major producer of consumer goods set out to forecast the price of fresh salmon three years ahead. Such a forecast was needed in deciding whether the firm should enter the bu
National savings is equal to the sum of private savings and public savings. To make our notation a bit easier, we will call national savings S, private savings V, and public s
Derive and graph foreign export supply curve and find the price that would prevail in Foreign in the absence of trade. Allow Foreign and Home to trade with each other. Graph e
The marginal product of labor is 10 and the marginal product of capital is 20. If the wage rate is $10 and the price of capital is $5, is the firm using the right balance of c
At the time, there were 180 million automobiles and 250 million people in the United States. Each vehicle was driven about 15,000 miles each year. What is the cost of saving
A firm uses labor and capital to produce output according to the production function q= 100KL, where L is the number of units of labor used and K is the number of machines. Su
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