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Consider a production function of two inputs, labor and capital, given by Q=( L^1/2+ k^1/2 )^2 The marginal products associated with this production function are as follows:MPL=[L^1/2+K^1/2]*L^(-1/2)MPK=[L^1/2+ K^1/2]*k^(-1/2)Let w =2 and r = 1.a) Suppose the firm is required to produce Q units of output. Show how the cost-minimizing quantity of labor depends on the quantity Q. Show how the cost-minimiz- ing quantity of capital depends on the quantity Q.b) Find the equation of the firm's long-run total cost curve.c) Find the equation of the firm's long-run average cost curve.d) Find the solution to the firm's short-run cost- minimization problem when capital is fixed at a quantity of 9 units (i.e., K 9).e) Find the short-run total cost curve, and graph it along with the long-run total cost curve.f ) Find the associated short-run average cost curve.
At the equilibrium level of output, the aggregate consumption level is: At the equilibrium level of output, the aggregate savings level is: The MPC and MPS for the economy is respectively: The expenditure multiplier for the economy is:
Sarah is awake for 100 hours per week. Using one diagram, show Sarah's budget constraints if she earns $6 per hour, $8 per hour, and $10 per hour. Now draw indifference curves such that Sarah's labor supply curve is upward sloping when the wage is be..
you have been hired as a consultant by your local mayor to look at the various market structures. your role is to
Parker County Community College (PCCC) is trying to determine whether to utilize no insulation or to use insulation that is either 1 inch thick or 2 inches thick on its steam pipes. The heat loss from the pipes without insulation is expected to cost ..
Determine the trade volume necessary for PBI to reach a target return of $7,500 per month for a typical office. Determine and interpret the elasticity of cost with respect to output at the trade volume found in part A.
should the club cover explicit and implicit costs? imagine that you are asked to consult with a drama club that puts on
by outsourcing overseas a company can reduce costs but must also take certain risks. global supply chains are exposed
your company bright paints is one of a dozen companies manufacturing a special reflective paint used for traffic signs.
Which argument below is NOT one of the five assumptions about the economic rules of the game in America.
1. you are given the following information about the amount your company can produce per day given the number of
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately ..
the texas legislature is meeting right now and by the time you are ready to work on this assignment many bills will be
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