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consider the following short-run production function ( where L= variable input, Q = output): Q = 10L - 0.5L(squared) suppose that output can be sold for $10 per unit. also assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit.
a. determine the marginal revenue product function.
b. determine the marginal factor cost function.
c. determine the optimal value of L, given that the objective is to maximize profits.
Whenever John is singing, the sales revenue from concert tickets is $100,000 higher than if a regular singer is singing. If he doesn't become a singer, he can get a job that pays $50,000 at most. How much will he be paid in equilibrium How much of..
A project your firm is considering for implementation has these estimated costs and revenues: an investment cost of $50,000; maintenance costs that start at $5,000 at end-of-year one and increase by $1,000 for each of the next four years, and then..
A radiology firm charges $2,000 per exam. An insurer's allowed fee is 80 percent of charges. Its beneficiaries pay 25 percent of the allowed fee. If the radiology firm raised its charge to $3,000.How much would the insurer pay
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Consider the following sets of investment projects: (n) 0 -4,000 -3,500 -5,000 -4,500 1 0 1,500 3,000 1,8002 0 1,800 2,000 1,800 3 5,500 2,100 1,000 1,800 Compute the equivalent annual worth of each project at 1 = 13%, and determine the acceptability..
Jane receives utility from days spent traveling domestically (d) and days spend traveling in foreign countries (f). Her utility function is U(d, f) = 10df. She has $4000 per year to spend on travel. It costs $100 to spend a day traveling domestical..
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. Does price exceed aver..
Calculate the overall rate of interest the couple will pay using this arrangement. If you answer using a percent, please include a minimum of two significant digits in your answer. If you answer using a decimal, please include a minimum of four ..
The RX Drug company has just purchased a capsulating machine for $76,000 the plant engineer estimates the machine has a useful life of 5 years and no salvage value. Compute the depreciation schedule using: a) Straight-line depreciation b) Double d..
Casper consumes cocoa and cheese. Cocoa is sold in an unusual way. There is only one supplier, and the more cocoa you buy from him, the higher the price you have to pay per unit. In fact y units of cocoa will cost Casper y2 dollars.
Real GDP was $4719 billion in year 1 and $4848 billion in year 2. In contrast real GDP per ca pita in year 1 was $19261, but in year 2 it was only $19162. Why did one measure increase while the other measure decreased
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