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Let a firm's long-run production function beQ= 1/10LK +3L^2K-1/10L^3K
Assume that in the short-run the firm's labour input is fixed at 10 units.a) What is the firm's short-run production function?b) What are the short-run average and marginal product of capital functions?
The EPA tests vehicles for gasoline mileage under stringent testing conditions. The testing for a particular make and model of mid-sized SUV involved 35 vehicles submitted by the manufacturer. Assume the vehicles submitted for testing constitute a..
Suppose that Saudi Arabia lets other members of OPEC sell all the oil they want at the existing price which the Saudis set and other members accept. The daily world demand for OPEC oil is given by:P = 88 2Q
The manufacture has determined that men value a simple microwave at $70 and one with auto-defrost at $80 while women value a simple microwave at $80 and one with auto-defrost at $150. If there is an equal number of men and women, what pricing str..
Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets
5 150 300 6 150 390 Refer to the above data. If the product price is $95 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss How much will the profit or loss be Show all ca..
A student is taking two courses, history & math. The probability the student will pass in the history course is .60 and math is .70. The probability of passing both is .50.
Y C I G X AE S MPC MPS S IM MPI 100 120 20 30 10 180 -20 If government spending increases by $15, what is the new equilibrium level of real GDP 2. What are the equations for the consumption, net exports, and aggregate expenditures ..
In January of 2007 Mary bought 100 stocks of Apple Inc for $55 each. this stock paid an average dividend of $4.50 per stock until the end of each year until mary sold all the stocks in December 2012 for $75.50 each. What is the effective interes..
The mean gross annual incomes of certified welders are normally distributed with the mean of $23,577 and a standard deviation of $2,358. The ship building association wishes to find out whether their welders earn more or less than $23,577 annually..
The internal study could be started immediately, and then the decision on the consultant could be made in three months. If this option is selected, the internal study will reliably indicate the outcome. If the consultant were hired, it would add t..
A Canny, Domican and Flannery Ltd. has calculated the following Cross Elasticity of Demand values for a number of its products as follows: Cross Elasticity of Demand between Good A and Good B = + 5 Cross Elasticity of Demand between Good A and Good ..
the equation of the supply curve is Ps=1+0.1*Qs and the equation for the demand curve is Pd=6-0.15*Qd. This results in an equilibrium price (Pe) of 3. This figure shows a regulated price (Pr) of 2, which results in the welfare loss triangle b + d,..
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