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Suppose the production of airframes is characterized by a CobbDouglas production function: Q =LK. The marginal products for this production function are MPL = K and MPK = L. Suppose the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital if the manufacturer wants to produce 121,000 airframes.
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, How will a successful campaign that decreases the supply of drugs influence the price
In your paper, compare and contrast how technology has helped build your business and personal relationships versus how technology has weakened those relationships.5.What can you and others do to use technology (including social media) to reduce a..
A private pilot wishes to insure his airplane for $200,000. The insurance company estimates that a total loss may occur with probability 0.002, a 50% loss with probability 0.01, and a 25% loss with probability
ques 1the government is planning to build a bridge which connnects the north and south of the country. the cost of
Show the relationship between EV, CV, and consumer surplus using compensated and uncompensated demand curves. If you your income is $ 1million,you spend $100 on good 1, and income elasticity was 0.02, does it matter whether you use EV, CV, or consu..
what is the effect on the price of a recordable cd and the quantity of recordable cds sold ifa. the price of an mp3
name and briefly describe one type of policy in which intertemporal preferences over consumption or production is
At a management luncheon, two managers were overheard arguing about the following statement: "A manager should never hire another worker if the new person causes diminishing returns." Is this statment correct.
Assume that the market demand for broccoli is given through Q=1000-5P and the market supply of broccoli is given through Q=4P-80 where Q is quantity per year measured in hundreds of bushels
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
Suppose that the price of pumpkins in Austin has fallen by 10%, while total spending on pumpkins in Austin has gone up by 2%. Which of the following could explain those changes
Management is often faced with the alternative of continuing to make a product or component internally, or going to an external source and purchasing the product or component. In gathering relevant information for these two alternatives, briefly i..
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