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L Q MPL APL 1 3 +3 3 2 6 +3 6 3 16 -10 -5.33 4 29 -13 -7.25 5 43 -14 -8.6 6 55 -12 -9.17 7 58 -3 -8.29 8 60 2 7.5 9 59 -1 -6.56 10 56 -3 -5.6 b). plot the (i) total product, (ii) marginal product, (iii) average product functions. c). Determine the boundaries of these three stages of production.
find out the MRTS of the following questions for a. q=L^0.5K^0.5, b. q=L^0.5+K^0.5, c. q= min {K,L} and d. q=L+K. I think for the first two I have the correct answers and just need to make sure I didn't do the math incorrectly.
A firm has standard shaped costs where the minimum of AVC is $15 at a quantity of 9 and the minimum of ATC is $45 at a quantity of 15. The fixed cost is $345. Draw a picture of the MC, ATC, and AVC for this firm specifically labeling the values fo..
A few years ago, the Boston Globe reported that the city of Boston planned to spend $14 million to convert the FleetCenter sports arena and entertainment center into an appropriate venue for the Democratic Nominating Convention (DNC).
Consider the following situation in the Country A's labor market: If the wage is w = $7:00, workers will provide l = 10 units of labor. If the w = $3:00, workers will provide l = 2. On the other hand, if w = $5:00, rms will want l = 6, and if w = $8:..
A researcher estimated that the price elasticity of demand for automobiles in the U.S. is -1.2, while the income elasticity off demand is 3.0. Next year, U.S. automakers intend to increase the average price of automobiles by 5 percent, and they ex..
The unemployment rate skyrocketed during the Depression, peaking at nearly 25 percent in 2933. The current unemployment rate is just 5 percent. And that's only up from 4.5 percent a year ago. Contrast that with the far more explosive spike at the ..
Everett Mann's Dream Store sells waterbeds and supplies. The best selling bed in the store has an annual demand of 400 units. The ordering cost is $40, while the holding cost is $5 per unit per year. There are 250 working days per year, and the le..
In his current job, Smith can work as many hours per day as he chooses, and he will be paid $1/hr for the first 8 hours he works, $2.50/hr for each hour over 8. Faced with this payment schedule, Smith chooses to work 12 hr/day.
Draw the Keynesian Cross diagram of this economy. Carefully label intercept and slope of the aggregate demand curve. What is the multiplier for credit-nanced government spending? That is what is the effect of an increase in G while T remain unchang..
Brad and Angelina are married with kids. Suppose Brad's at-home productivity as a parent is $25 and Angelina's is $40. a. Who has an absolute advantage in the home How do you know b. If brad works in the labor market, he can earn a wage of $500p..
data collected in the imaginary economy of Perturbia reveals that when the price of cham increased by 20%, the quantity of cham sold decreased by 30%, and the quantity of firm demanded increased by 15%.
If you receive a request for proposal (RFP) on a project for four units, what is your break-even price Suppose that if you get the contract, you estimate that you can win another project for two more units. Now what is your break-even price for th..
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