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Assume that a firm faces the following production function-
q(L,K) = L^(1/4) * K^(3/4)
a) Derive the Iso-quant curve for this firm.
b) Derive the Expansion path for the firm if w=1 and r=3.
c) Derive the short term cost function for a give level of k = 3.
d) Derive the long run cost function if w=1 and r=3
e) What is the optimal capital and labor if you want to produce 500 units of output?
How will planned investment spending change as the following events occur?
Suppose that there is a temporary, but significant, increase in oil prices in an economy with an upward-sloping SRAS curve. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price increase, should they i..
Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks is done manu..
Suppose the people of Pongo love the sound and smell of burps. When a person burps, it makes this person happy and all other people around them happy. However, burping is exhausting. Which principle of economics deals with this topic?
During the 2008 financial crisis and the subsequent recession, how did major U.S. banks respond to the actions of the Federal Reserve? How did those monetary policy actions affect U.S. businesses and households? 3. How were the actions of the Federal..
Assume there are two firms in a market who each simultaneously choose a quantity.
Bianca took out a loan from the bank today for X. She plans to repay this loan by making payments of 2,700 dollars per month for a certain amount of time. If the interest rate on the loan is 0.47 percent per month, she makes her first payment of 2,70..
The price of oranges falls. What happens in the market for apples, which are a substitute for oranges?
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Supply is given by the equation P=10+0.05Q. Demand is given by the equation P=600-0.05Q. Calculate the price and quantity at which the price elasticity of demand is equal to -1. How might you describe that point?
Suppose that the demand for orange increases. Carefully explain how the rationing function of price will restore market equilibrium.
Where Q is the number of cuts per week and P is the price of a hair cut. Terry is considering raising her price above the current price of $15. Terry is unwilling to raise price if the price hike will cause revenues to fall. Should Terry raise the pr..
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