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1. A small company produces a product (X) that requires two types of inputs, A and B during production. Each unit of X requires exactly 5 units of A and 2.5 units of B. If the cost of A is $10 a unit and the cost of B is $6 a unit, how much will it cost to produce X =100 units of output? In general, if the company needs X units of product, what is the total cost? What is the marginal cost of production? 2. A small company uses input labor L to generate an output Q, and the production function is Q = 0.25L2. The cost of labor L is $4 a unit. Find the company's total cost of producing output level Q. 3. A firm produces Q with the production function Q = 10K2 + 10L0.5, and K is fixed at 4 units. If the price of K is $5 and the price of L is $1, find the total cost of producing Q units of output? What is the marginal cost of production for the firm?
1. Adam Smith favors a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How? It is pos..
Suppose you own a small company that manufactures baseball equipment. You aware that RUSSIA is a large market and you are considering exporting your products there.
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The Republic of Argent does 50% of its trade with Eurasia and 50% with Oceania. Over the last three years, the currency has risen from 1 to 1.1 and then to 1.3 against the Oceania dollar. However, against the Eurasian euro it has fallen from 1 to ..
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Derive and graph the output supply functions for each crop. Output supply in this context is the relationship between acres produced and net profitability of the crop.
The consequences of including irrelevant variables in an OLS regression model are
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You have been hired by the government to reduce carbon emissions. As well, you need to "sell" the plan to the public. Choose whatever policy you think best matches the goals of the political party you work for. Write a short newspaper advertisemen..
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