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Suppose a firm is producing concrete with the Cobb Douglas production function:
c = s0.4g0.6
c = pounds of concrete, s = pounds of cement, g = pounds of gravel
it wants to produce 10,000 pounds of concrete. Concrete is $10/pound and gravel is $2/pound
What is the firm's cost minimizing input mix? What is the firms total and average cost?
If gravel rises to $4/pound, which direction will the isoquant and isocost curve shift and what will be the new level of cost?
Suppose your designing your computer, with the same benefits from additional RAM described in the proceeding problem. How much RAM do you desire if the price of RAM falls to $50? 2,4,5, or 50. Suppose you are designed a new computer and want to mak..
Gene Milton borrowed a sum of $5,000 from his uncle Ben and after three years paid a sum of $5,000 and paid another $1,000 after 4 years to pay off the loan. Determine the interest rate Gene paid it the payments were based on yearly compounding.
The company recently bid on a Gulf-front causeway improvement in Biloxi, Mississippi.Nash Bridges has incurred bid development and job cost-out expenses of $25,000 prior to submission of the bid.
Howard Bowen is a large-scale cotton farmer. The land and machinery he owns has a current market value of $4M. Bowen owes his local bank $3M. Last year Bowen sold $5M worth of cotton. His variable operating costs were $4.5M; accounting depreciatio..
The state highway department is considering six routes for a new highway. Listed below are the estimated construction costs, maintenance costs, and the user cost associated with each route. Route Construction Costs Annual Maintenance Costs Annual U..
A privately owned summer camp for youngsters has the following data for a 12-week session. Charge per camper $480 per week Fixed costs $192,000 per session Variable cost per camper $320 per week Capacity 200 campers
You just inherited $10,000. while you plan to squander some of it away, how much should you deposit in an account earning 5% interest per year if you'd like to have $10,000 in the account in 10 years
The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats, the price of luxury boats is $1 million and 240 luxury boats a week are brough. now luxury boats are taxed at 20 percent..
The table below presents the PPC of Euphoria. Point Computers Food A 0 18 B 120 14 C 200 8 D 240 0 Calculate the opportunity costs of food in terms of computers for all the points in the above table. Does the law of increasing relative cost holds
Consider the following hypothetical information about the occupational distribution of Country Y. Assume that 100 employed men and 100 employed women work in either Occupation A or Occupation B. Employed Women Employed Men Occupation A 70% 20%
assume that intermediaries come from a competitive market with and equilibrium price of $8 per unit for their services, that is, any buyer or seller who wants an intermediary's services must pay $8 for them. What is the maximum per unit that selle..
In round numbers, real output doubled two times in the 40 years between 1950 and 1990, so it doubled every 20 years. This means that real output grew at a rate z that solves the equation 20 = 70 / z.Over this 40-year period, what is the average ann..
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