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Let the production function of a firm be Q(L, K) = 100L + 10K. The MPL = 100 and the MPK = 10, for all levels of L and K.
(a) Derive the marginal rate of technical substitution for the firm.
(b) Let w = $10 for 0 < L = 10, and w = $20 for L > 10. Let r = $10. Graph the cost-minimization problem for the firm at Q = 1000. What amounts of L and K will the firm demand?
(c) Suppose that a labor union proposes to double the wage for 0 < L = 10, so as to make the w = $20 for all levels of L. Describe the cost-minimization problem for this firm. Should the currently employed workers support this effort-why or why not?
Restaurant Marketing Services, offers affinity card marketing and monitoring systems to fine dining establishments nationwide. Fixed expenses are $600,000 a year.
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However, many critics contended that this "sequester" measure is only temporary and too small given the $4T US government budget to have a significant impact on the economy. Therefore, many economists considered this spending cut as too small to ..
Explain how might a high school student's experience with inflation differ from an employed urban adult.
As a near-term solution, its engineers recommend a cooling technology known as an absorption chiller, which uses plain water as a refrigerant and semiconductors that cool down when charged with electricity. B&E is considering two options: Option 1..
Explain how the method used to determine the profit- maximizing level of output in product markets (i.e., MR = MC) can be applied to the labor market to determine the most profitable number of employees a firm should hire.
someone drives through green hills you see large luxuriant homes spread across very large and beautiful pieces of real estate. Why are nice homes usually built on expensive lots rather than cheap ones
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Does the transaction of a buyer also seller directly affect a third party. Is the effect a negative or positive externality.
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