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Answer the following questions on the basis of this information for a single firm: total Cost of capital = $1000; price paid for labor = $12 per labor unit; price paid for raw materials = $4 per raw-material unit.
a. Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
b. Now suppose the firm improves its production process so that it can produce 6000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average cost of producing the 6000 units of output?
c. Refer to your answers to Ba and 8 and explain how process innovation can improve economic efficiency.
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
The demand for housing is often described as being highly cyclical and very sensitive to housing prices and interest rates. Given these characteristics describe the effect of each of the following terms of whether it would increase or decrease the..
What are some things that would affect changes in supply? How can quantity demanded be changed and what if the government raised the minimum wage. How would this policy effect your firm?
Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
Determine how the following situations will affect the demand curve for ipods.
You're advising a friend who has a decision to make regarding Social Security. He is about turn 62 years old, and is eligible for early Social Security benefits. His early benefits would amount to $677 each month.
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