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Suppose the firm’s production function is q= 2K^1/2l^1/2, the wage rate is $9/hr and the rental rate of capital is $36/hour
a. What is the firm’s optimal input combination when it wants to produce 100 units of output?
b. Suppose the firm chooses this input combination. What is the firm’s short run cost function?
c. What are the firm’s fixed costs? What are the firm’s variable costs?
Suppose you consume nothing but goods X and Y. We have two years.
Identify the area that represents producer surplus. (b) Describe briefly in words how a price floor can cause a “deadweight loss”.
Compute the point elasticity of demand at this TR-maximizing price also quantity. Does the elasticity have the expected value.
Illustrate the opportunity cost between the two goods is always constant. Which of the following combinations of the two goods, X and Y, is it possible for the economy can produce?
Illustrate why are second hand goods not included in the value of national income.
Given the same price elasticity of supply, sellers would be able to pass along the largest portion of a 10% tax on which item.
Now she wants to pay off the remaining installments in one lump sum (at the end of 12 months). How much does she owe the furniture store?
To better identify increasing price of textbooks, dean asks you, economics Department's star student, to create an index of textbook price. Average student purchase three English, two math and four economics textbook. Prices of these books are giv..
Due to a recession, demand for housing market decreases. Will this shift labour supply curve, demand curve or both. How will this affect wages and number of workers in home construction.
Illustrate what must the central bank do to keep the peso cost of the dollar equal to Peso 3.4425 subsequent the speculators activities.
what rate of interest would she need to obtain her goal. Are cash payments that companies make to shareholders. Are cash payments that companies make to shareholders.
Elucidate the inelasticity of agricultural products in general then compare which to the elasticity of a single food item such as a filet minion.
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