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Assume that a firm operates with the production function Q(K.L)=KL1/2 and assume that the price of labor w=$4 and the rental rate for capital r=$2.
a. without doing any calculations, sketch a representative LTC and LAC curve for this production function.
b. write the optimization problem of the producer for this production problem and these input price.
c. Derive the L-R expansion path for this problem given that the marginal rate of technical substitution for the production function Q (K,L)=LaKb is given by MRTS=(aK/bL)
d. Derive the equations of the LTC and LAC for this production function and the given input prices. sketch the paragraph of LTC and LAC. Do they agree with your hypothesis in part"a" above? Explain.
e. if K is held constant at K=20, calculate the equation for short-run total cost, short-run variable cost, and short run fixed cost.
Determine the appropriate descriptive statistics.
The U.S. is in recession and, at last report, GDP was shrinking at a rate of 1% per year. The unemployment rate is rising and now stands at 7%. In recent months, the rate of inflation has been holding steady and is increasing at an annual rate ..
Country B Apples=36 Bananas=15 1. Calculate the pretrade relative price of Apples in terms of Bananas. Relative price of Bananas 2. Which country has a compartive advantage in Apples ANd in Bananas
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a identify two market structures in which product development and product differentiation is an important type of
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Susie says that today such a house costs $ 220,000 and such a jacket costs $ 70. The CPI in 1938 was 14.1 and in 2008 it was 215.3. Which house and which jacket have the lower prices?
Why is productivity related to the standard of living In your answer be sure to explain what productivity an standard of living mean. Make a list of things that determine labor productivity.
Buying electricity off the freewheeling grid at one quarter 'til the hour for delivery on the hour illustrates: a. relational contracts with distributors b. vertical requirements contracts c.
Using the theory of public goods, explain the logic of why in some resort communities the ownership of waterfront homes also includes some defined area along the beach.
Suppose that the market for some product has a linear downward?sloping demand curve and a linear upward sloping supply curve. Then suppose that the price of a substitute good increases and the price of an input to production also increases.
On the topic of ticket pricing
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