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A firm's production function is given by Y = 5 L K and faces costs for inputs of wL and wK.
a. Derive the firm's demand for labor and capital.
b. Derive the firm's cost function, C(wL;wK; Y ). Simplify it as much as possible - one term.
c. Derive the firm's supply function.
d. If wL increases by 50% by what percentage does cost and supply change?
Using the numbers given in the table below, calculate the Taylor Rule interest rate for 2005. What would the Taylor Rule suggest about actual U.S. monetary policy that year
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Problems are an inherent component of our every day life. since we must do something about them, there are a couple of approaches to problem solving. Identify these approaches.
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Assume a market is controlled by a three firm oligopoly where the market demand curve is given by p = 75 - 3Q and marginal cost is equal to 5. How much does each firm produce and at what price if they form a profit maximizing cartel where each fir..
Using a demand and supply diagram, describe the impact that overfishing mighthave on the equilibrium price and quantity of Bluefin tuna in the future.
Problem: Using the data in the following table, show what happens to the firm's output choice and profit if the fixed cost of production increases from $100 to $150 to $180, where q is quantity and C is total cost. Assume that the price of output ..
Assume two firms, A and B, serve a market with demand D(p) = 100 - p. Assume that (i) they have identical cost functions, c(Q) = 5Q,
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1. in the case study vandivier found his professional code of conduct moral standards and legal standards came into
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(a) Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale. (b) Does the production function exhibit diminishing returns If so, when does the law of diminishing returns begin to operate.
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