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Having trouble coming up with a cost function equation for my Managerial Econ class. I chose a company that sells bottled water as the subject sort of like a Pure Life water with is a middle of the road priced bottled water. I need help with the two following questions:
1. What is your measure of output? What is your measure of costs? Explain the choice for your variables.
2. Formulate a hypothetical relationship between costs and output for your firm and write the equation for your cost function. What data do you need to gather in order to estimate the parameters of this function?
an economy is currently made up of a firm that produces bread a firm that produces butter and a consumer who consumes
Explain game theory and how you can apply the concepts in your life and work now and in the future? How does game theory relate to competitive advantage?
Granny’s Butter and Egg Business is such that she pays an effective tax rate of 40%. Granny is considering the purchase of a new Turbo Churn for $25,000. This churn is special handing device for food manufacture and has an estimated life of 4 years a..
Government redistribution programs in the United States focus mainly on those within the U.S. borders, even though the poor in other nations are much worse off than the poor in the borders.
Choose a United States firm with global operations. Discuss the company's activities outside the United States
1. The only acceptable way to divide words at the end of a line is ________. a. to let the computer decide b. before the last three letters
Suppose a firm with a production function Q = KL (where MPL = K and MPK = L) is producing 125 units of output by using 5 workers and 25 units of capital. The wage rate (W) per worker is $10 and the rental rate per unit of capital (R) is $2. What happ..
Annual savings due to energy efficiency thermo well have a most likely value of $30,000. The most optimistic value is $40,000 with a probability of 0.2 and a most pessimistic value of $20,000 at 0.3. The First Cost is $150,000, the interest rate 10%,..
Demand and supply of money
Suppose you manage an agency that provides Meals on Wheels to infirm elderly residents in the county. The agency operates three kitchens. Each kitchen is producing one-third of the total meals every day.
A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blow..
Suppose there is a minimum quantity of calories per day that a consumer absolutely needs to survive and live an autonomous life. Suppose further that the current equilibrium in the calories market is such that the quantity is less than this minimu..
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