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A firm has a production function given by Q=10K^0.25L^0.25. Suppose that each unit of capital costs R and each unit of labor costs W.
a. Derive the long run demands for capital and labor.
b. Derive the total cost curve for this firm.
c. Derive the long-run average costs change with increases in output? explain
e. Confirm that the value of the Lagrange multiplier you get from the cost minimization problem in part (a) is equal to the marginal cost curve you found in part (c)
In a country 1/3 of all females born die in infancy, 1/3 die at age 23, and 1/3 live to age 65. Women bear one child at age 17, one child at age 21, one child at age 25, and one child at age 28. One- half of children are girls. The net rate of reprod..
the quantity supplied of the Real GDP in the long run is $4.3 trillion. Evalute is the economy in short run equuilibrium. Will the price in long run equilibrium be greater than, of less than, or equal to 132.
What is the necessary requirement to turn a business idea into a business? If you don't have customers willing to buy your new product or service at a price that gives you a profit, do you really have a business?
q1. bobs lawn-mowing service is a competitive firm. at the current level of production the firm mows 10 lawns a day.
You have been hired by Nobody State University (NSU) as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years, Explain the process of revenue at NSU, focusing on the relations..
Assume Elinor works in period 1 and earns an income of 100. She is retired in period 2 and lives off her savings. She can save this period 1 income or spend it on consumption. How much will Elinor have to live on in period two if she spends NOTHING i..
Substitution and income effects of a change in price of a good may be used to explain the:
Using three tools, (a) open market operations, (b) discount rate, and (c) reserve requirements, the Federal Reserve influences output and employment. Globalization influences the conduct of monetary policy through its powerful effects on the economic..
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO.
One of the central ideas taught in econonimics is that fixed costs are sunk costs, and that fixed cost are irrelevant to current decision making. Show why this true through the use of calculus and the idea of profit-maximization.
In December 1992, the government began requiring that food contain labels with nutritional information. The information had to be verified by independent laboratories. The price of verification was $20,000 per food item. What impact would this have o..
jean invests 1000 into her employers retirement plan on 31st birthday also she continues to make annual 1000 payments
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