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Please show how to setup and solve. Assume a firm produces 500 units of a good by using two inputs, capital and labor, whose per unit prices are $10 and $4. Assume also that the marginal physical product of the last unit of capital is 30 and the marginal physical product of the last unit of labor is 10. Is this firm minimizing its costs of producing 500 units of output?
You are working as a student assistant for an engineering firm and are paid by the hour. Every two weeks, you turn in a time sheet to your supervisor, and three workdays later, your paycheck is direct deposited into your checking account.
If David's only illness this year results in an appendectomy, explain how many days will he choose to stay in the hospital.
Assume to the firms act independently as in the Cournot model. Determine the long run equilibrium output also selling price for each firm.
Draw a graph showing a supply and demand curve for wine. Indicate clearly the equilibrium price and quantity. Suppose that a lack of rain during the year has caused the grape harvest to be smaller than usual (grapes are an input for making wine). Sho..
He proposed an increased in ethanol produced from corn and the stalks and leaves from corn and other grasses. Illustrate what is the likely impact of these two events on food prices in the United States.
The nation of Spendistan has a much higher marginal propensity to consume than does the nation of Savistan. A global financial crisis has caused both nations to fall into a recession and both nations have just enacted $30 Billion rise in Government S..
If deficit spending "crowds out" some private investment, could future generations be worse off? If external financing eliminates crowding out, are future generations thereby protected?
Initially, the Republic of Gorgonzola has no commercial banking system. Then, the government directs the central bank of Gorgonzola to put into circulation a million identical paper notes, called guilders. The central bank prints the guilders and dis..
The traditional management style of hospitals has been hierarchical and internally focused. What are three important challenges that face hospitals to accommodate new payer and consumer expectations?
Consider the problem of the apple farmer. In your own words, explain the farmer’s optimal solution in the free market using marginal cost analysis. How might this solution be suboptimal from society’s perspective? Explain who benefits and is harmed u..
A tour company charges $100 round trip to travel from Los Angeles to Las Vegas on a luxury motor coach. At that price they sell 500 tickets. We know that the price elasticity for motor coach travel is -1.8%. Estimate the linear demand curve for this ..
Lauren's salary decreases from $34,000 to $30,000. She decides to reduce the number of outfits she purchases each year from 20 to 19. Use the midpoint method to calculate the income elasticity of demand for new outfits.
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