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Suppose a firm's production function has the Cobb-Douglas form
q = z1a1z2a2
Where z1 and z2 are inputs, q is output anda1,a2 are positive parameters.
1. Draw the isoquants. Do they touch the axes?
2. What is the elasticity of substitution in this case?
3. Using the LaGrange an method find the cost-minimizing values of the inputs and the cost function.
4. Under what circumstances will the production function exhibit (a) decreasing (b) constant (c) increasing returns to scale? Explain this using first the production function and then the cost function.
How realistic are the assumptions of the Economic Order Quantity (EOQ) model? Discuss how the issues of safety stock can be incorporated in EOQ and re-order point (RP) while ordering inventory.
Which of the following products and services are likely to encounter adverse selection problems: golf shirts at traveling pro tournaments, certified gemstones from Tiffany's graduation gift travel packages, or mail-order auto parts
Define and discuss each type of managed care organization
Personality comes from the Latin persona, which refers to a theatrical mask worn by Roman actors in Greek dramas (Feist & Feist, 2009, p. 3). These Romans wore the mask.
Explain how the Krugman model of trade works. Explain the similarities and differences between the Krugman model and Heckscher-Ohlin model.
It has been said that Porter's five forces analysis turns antitrust law on its head. What do you think this means in terms of US commercial airlines? [Hint: Think of your project.] (1 point)Supposing Delta is an example of a very large US commercial ..
What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
Draw in the line showing the equilibrium-relative commodity price in isolation in each nation.
Find Michael's income elasticity for filets.
The empirical evidence concerning the magnitudes of localization and urbanization economies.
An ongoing debate about the Superfund pro- gram is the determination of the optimal abate- ment level, characterized as the "how clean is clean" problem. Choose one of the risk man- agement strategies, and propose how it might be used to resolve t..
Why the focus in interest rates and unemployment and why can they keep the interest rates low? How do bond purchases tie in with the interest rates?
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