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A firm's production function is: Q = K1/2 L1/2. Suppose that capital is fixed at 81 units. If the firm can sell its output at a price of $100 per unit, hire labor at $50 a unit, and rent capital at $10 a unit, how many units of labor should the firm hire to maximize profits? Given your answer, what is the level of output that maximizes profits. Lastly, calculate the level of profits at the profit-maximizing level of labor and output given that capital is fixed at 81 units.
Assume that you borrow $15,000 for five years (annual payments) at a market rate of 5%. Assuming that inflation is 3.5%, what would the equivalent equal annual payment be in constant dollars? What is the Actual dollar amount of a $15,000 constant dol..
which of the 3 determinants of macro performance (internal market forces, external shocks, and policy levers) would you consider the most important in terms of gauging the success/failure.
What economic example could be used to demonstrate incentives that were used to "nudge" buyers/sellers
Most projects completed using traditional project management are done in a weak matrix organization. Most projects completed in an agile project management framework use a strong matrix or pure project environment. Why is this so?
Suppose that Sally’s preferences over baskets containing food (good x), and clothing (good y), are described by the utility function U (x, y) = √x + y. Sally’s corresponding marginal utilities are, 1 MUx=2√x and MUy=1. Find Sally’s food demand functi..
Problems 1–5 are based on the graph below. At a price of $1.50 per dozen, how many bagels are demanded per month? What is the equilibrium price of bagels? What is the equilibrium quantity per month?
Suppose you win a lottery, and your after-tax gain is $20,000 per year until you retire. As a result, you decide to work part time at 35 hours per week in your old job instead of the usual 40 hours per week. Calculate the annual income effect on hour..
Melinda, who works in a jewelry store owned by Cindy, was picking up some gemstones for use in the store. On the way back to the jewelry store, she went through a drive-through fast food restaurant to get a soda. While in line, she negligently bumped..
If you were a manager of a large manufacturing company and decided to offshore labor-intensive production to another country, how would you justify the decision to your employees and the community
Which of the following criteria must be satisfied when selecting a policy? instrument?
Illustrate what is the opportunity cost of a potholder for Martha. What is the opportunity cost of a potholder for Stewart.
A sample survey to estimate the fast-food market in a large city was kept small enough to allow repeated follow-up. The high response rate meant that the sample was essentially random. Calculate a 95% confidence interval for the mean of the whole pop..
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