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A firm has production function f(K; L) = squarerootKL. In the short run, the rm has capital K = 400; this cannot be changed in the near future. The cost of a unit of capital is $20, while the cost of a unit of labor is $30.a. In the short-run, where capital is xed at K = 400, how much labor does the rm need to employ in order to produce q = 300 output? What is the cost of producing 300 output?b. Repeat part a for q = 400, q = 500 and q = 600.c. What is the cost of producing q output in the short-run?d. What is the marginal cost of producing a 301s unit? A 401st unit? If you are comfortable doing so, you may answer this question by writing down the marginal cost function directly, rather than recalculating total cost for q = 301 and q = 401.e. Given your answer to part c, draw a graph with the rm's average total cost, average variable cost, and marginal cost (hint: MC = Q(3/20) )
A country is described by the Solow Model with a production function y = \(k^{1/2}\) where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%. Assume that the depreciation rate is..
Computers are sold competitively. Each computer, such as a Dell or Compaq, contains an operating system, such as Windows, that is pre-loaded on the computer. Suppose that the price of computers is $2000, and the price of an operating system is $10..
suppose you owe $1,100 on your credit card. the annual percentage rate is 18% compounded monthly. the credit card company says your minimum monthly payment is $ 19.80 a. if you make only this minimum payment, how long will it take for you to repay ..
The supply is simply the sum of the marginal cost curves of all the firms in the industry. Suppose that all the competitive firms collude to form one single monopoly firm. (Collusion changes neither the demand nor the cost conditions in the indust..
Cameron is an investor trying to decide among the following three different investment options. Option A: Price today: $1000 One year from today Cameron will receive one of the following payments: $1,250 with a probability of 90% $1,000 with a pro..
The price that consumers are willing and able to pay for this outputis $40 per unit. If it priduces this output, the firms average total cost is $43 per unit, and its average fixed cost is $8 per unit.
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.Qd = 424 - 40P Qs = 40 + 8P What is the equilibrium price and quantity for the industry?
Suppose that the economy under study has the following characteristics: s = 0.30 n = 0.02 g = 0.10 d = 0.03K = 1600 Y = 800 N = 100 A = 2 Y = F(K, N, A) = AF(K, N) = A(K^(1/2))(N^(1/2))
The US market requires hardcover books with a marginal costs of $24.00 while the overseas market is normally served with soft-cover texts having a marginal cost of only $18.00.
According to the recent CNBC and the Wall Street Journal poll, 40% of the American public approves of the way the President of the United States is handling his job. Take a random sample of n = 10 Americans. And let X equal the number who gives ap..
b. Which country has a comparative advantage in production of caps In wheat c. If the US and Russia were the only two countries engaging in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of sup..
Given the government policy, how much will be sold on the private market, that is, how much will consumers buy without government purchases How much sugar will government purchase. Suppose the government gives a guaranteed minimum price for sugar o..
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