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A firm has the production function y = x1 + min{x1, x2}.
(a) Draw three isoquants for this firm.
(b) Does this firm have constant returns to scale?
(c) Suppose the firm is operating at the point x1 = 10 and x2 = 5. What is the marginal product of x1? What is the marginal product of x2?
(d) What are the marginal products of x1 and x2 at the point x1 = 5 and x2 = 10?
Two firms with differentiated products compete in prices with demands: q1: 1-P1+0.5P2 q2: 1-P2+0.5P1 Suppose that both firms can produce at the same constant marginal cost c. a. Draw the best response functions. b.Find the prices corresponding to th..
Assume that a bundle of goods deemed representative of the cost of living as of Jan. 1, 1965 is valued as $100. Assume that a similar bundle of goods deemed representative of the cost of living as of Jan. 1, 2015 is $525. Using these bundles of goods..
Firm B has invested five years and $6 million in developing a new product. Even now, it is not clear whether the product can compete profitably in the market. Nonetheless, top management decides to commercialize it so that the development cost will n..
Predict what will happen to the economy in the short run if household debt rises and at the same time the government increases subsidies to firms. Predict what will happen to the economy in the short run if there is an increase in taxes and at the sa..
In the United States, about two-thirds of Starbucks outlets are company owned; the remaining one-third are operated by licensees. Outside the United States, the proportions are reversed: about two-thirds are run by licensees or partnerships in which ..
Pierre, a Frenchman with a weakness for champagne, recently received a raise. His income rose from $25,000 to $40,000 a year. As a result, Pierre's consumption of Andre Champagne decreased from 15 bottles a week to 5 bottles a week. Calculate Pierre'..
What point on the graph is most likely to result from the introduction of technological improvements in bicycle assembly, and successful publicity campaigns by the government on the virtues of bicycling to work.
Elucidate how does a industry conclude its prices also the quantity of labor required in the resource marketplace during a specific period
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $12 million in withdrawals from other banks’ ATM machines. What would be the f..
A number of additional conclusions can be drawn from the fact that the marginal revenue curve associated with a linear demand curve is also linear and has the same price intercept and twice the slope of the original demand curve.
Compare and contrast the possible consequences for an economy of inflation and deflation.
Calculate scale elasticity at the mean of the data; In order to reduce unit cost would you recommend an increase or a decrease in total production? Why?
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