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The following table summarizes the short-run production function for your firm. Your product sells for $10 per unit, labor costs $40 per unit, and the rental price of capital is $10 per unit. Complete the following table, and then answer the accompanying questions.L K Q MPL APL APK VMPL0 5 01 5 202 5 603 5 1204 5 1605 5 1806 5 1907 5 1908 5 1809 5 16010 5 12011 5 60(a) Which inputs are fixed inputs? Which are the variable inputs?
(b) How much are your fixed costs?
(c) What is the variable cost of producing 40 units of output?
(d) How many units of the variable input should be used to maximize profits?
(e) What are your maximum profits?
(f) Over what range of variable input usage do increasing marginal returns exist?
(g) Over what range of variable input usage do decreasing marginal returns exist?
(h) Over what range of variable input usage do negative marginal returns exist?
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
La Yin likes brownies (B) and chocolate bars (C) and is on the indifference curve: U(B,C) = B^2C. Consider the follwing bundles for La Yin. Bundle A B = 5, C = 10 Bundle B B= 3, C= 4 Bundle C B= 2, C= 9 Bundle D B= 5, C= 5
UPS Freight plans to spend $100 million on new long-haul tractor-trailers. Some of these vehicles will include a new shelving design with adjustable shelves to transport irregularly sized freight that requires special handling during loading and u..
Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution and what are the mean and standard error of your sampling distribution
Determine the reaction function for each firm. Firm 1: Q1 = - Q2, Firm 2: Q2 = - Q1 b. Calculate each firm's equilibrium output. c. Calculate the equilibrium market price. d. Calculate the profit each firm earns in equilibrium.
Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag.
Recall from introductory economics that an raise of $1 in government spending may raise GDP through more than $1. The exact value by which GDP goes up is multiplier.
Mac Rowe doesn't sweat the petty stuff. In fact, he just cannot detect small differences. He consumes two goods, x and y. He prefers the bundle (x,y) to the bundle (x',y') if and only if (xy - x'y' > 1) . Otherwise he is indifferent between the tw..
Find and expression for capital per worker at the steady state e. Solve for the steady-state output per worker when d = 0.08 and the savings rate = 0.25 f. plot the steady state capital per worker as the savings rate goes from 0.05 to 0.50 in 0.05 in..
Suppose instead that the goverment wished to raise GDP to 7,100, but it was unwilling to run a surplus or deficit. Therefore the change in government purchases would have to be matched by and equal change in taxes. What change in government purcha..
A monopolist has two types of customers. There are 100 of Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to either $8. Neither is willing to purchase additional units at any price. If it m..
john an accountant quit his $80,000 a year job and bought an existing laundry facility from its previous owner. the lease had five more years remaining and required a monthly payment of $4000. johns explicit costs are $3000 per month more than his..
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