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Consider the production function f(L;K) = L + K.
a. Suppose K is fixed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and
the marginal product of labor MP(L).
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250,000 gallons per year if $1.4 million. The cost-capcaity factor for this particular plant technology is 0.59 for capacities ranging from 200,000 gallons per y..
A corporation is interested in knowing which potential sales are next year if you use $20,000 in advertising expenses. The corporation uses the data from previous years to make its sales forecast.
The information in the table given below are the results of a random sample of current home sales in your neighborhood that your boss has asked you to use to estimate relationship in selling price of house and number of square feet in it.
Discuss the relationship in the price and quantity demanded in question four on a graph. Is the relationship direct or inverse?
Explain the process through which money is constructed. Describe how current events less than ninety days have affected this process and the effect current events will have on the economy as a whole.
Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits. Since coal is a homogeneous good and the market is competitive, what happend in this market.
Overheard at water cooler: My regression model of demand is better than one that the consultant prepared for us because it has a higher R2.
The comparative advantage for pizza production belongs to __________ and the comparative advantage for pizza delivery belongs to __________. Based on their comparative advantages, Pat should specialize in _______ while Corey should specialize in ____..
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations..
Drink Tax: The weekly supply Qs(p), and demand, Qd(p), of beer in a city are given by: Qs(p) = p; Qd(p)=6.2 - .55*p where p is the price of a beer in dollars and quantities are in hundreds of thousands of beers. To find the equilbrium quantity and..
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