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Consider this short run production function Q=100L-L². Where Q is output level and L is labour input. The price of output is 50 and labour cost 1200 per hour. How many hours will the firm use to maximize profits? What is the profit maximizing level of output?
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
The "Buy American" policy is equivalent to a(n): A maximum limit set on the amount of a specific good that may be imported into a country over a given period of time is called a:
The villagers can buy or sell corn at the world price
Draw a graph to show how the value of the euro would be affected if Greece did leave the euro zone and reinstate the drachma. Discuss why you think it would happen the way you have drawn it–discuss what factors about the exit of Greece from the euro ..
How does and increase in consumers income affect the demandfor mcds big mac hamburgers? if the demand curve shifts, indicate whether it will shift to the right and draw a graph to illustrate the shift. label graph appropriately.
Write the system in matrix form and solve for the equilibrium prices and quantities.
Discuss the sharing economy from a supply and demand standpoint. How do companies like Uber and Airbnb affect supply and demand in the markets for shared rides (taxis, limos, etc.) and rented rooms, respectively?
you have just started work for a small company fitco that develops private fitness clubs in small towns. fitco buys or
1. cold case inc. produces beverage containers used by fast food franchises. this is a perfectly competitive market.
In a complex assembly operation, it is found that the learning curve rate is 70%. The standard time of 3 minutes per assembly is reached after the 110th unit. Find i. The time required for the very first unit.
A typical firm in a competitive industry has a total cost curve given by: TC = 32 +4q + 2q2. The price at which the firm will exit the industry in the long run equal
Estimate the demand function
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