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Consider the following short-run production function (where L = variable input, Q = output):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.
Suppose the real exchange rate is constant-say, at the level required for net exports (or the current account) to equal zero. In this case, if domestic inflation is higher than foreign inflation, what must happen over time to maintain a trade bala..
The Snow City Ski Resort caters to both out-of-town skiers and local skiers. The demand for ski tickets of out-of-town skiers is given by Qo = 600 - 10 Po, while the demand for ski tickets of local skiers is given by Ql = 600 - 20 Pl .
You want to smooth consumption such that consumption this year equals consumption next year (that is C1=C2.) Solve for consumption this year and next year. What is your saving (S)?
The ticket cost Dave $600. To attend the concert Tim will have to take 3 days off from work where his daily compensation is $250. In addition Tim expects travel expenses to be $175 and the cost of a hotel for 2 days to be $275. What is the economi..
if the cost basis for a macrs 5-year property is $100000 and the equipment is sold for $20000 after 5 years of beneficial use, what will be the depreciation charges the 1st and 5th years and the book value at the end of the 5th year
Frequently we read in the newspaper that one should lease a car rather than buying it. For a typical 24-month lease on a car costing $9400, the monthly lease charge is about $267. At the end of the 24 months, the car is returned to the lease compa..
Use EXCEL to plot these two series on the same graph. What can you say by examining the graph? On average, do the two variables evolve in opposite directions?
Construct a variation of this model along the lines of the semi-endogenous growth models of Section 13.3 in Chapter 13, where the strong scale effect is removed and there is long-run growth at a constant rate (when population grows at the rate n >..
Assume the market for Florida oranges is in equilibrium. Demand is represented by Qd = 60 - 2P Supply is represented by Qs = 10 + 3P where the quantity is in thousands of pounds.
Suppose that a perfectly competitive consant cost industry if initially in short and long-run equilibrium. In general, what will be the effect of an increase of $10 per uni in varialbe coss on he short-run equilibrium price, the short-run industry..
Indicate the type of opinion you would render under each of above set of circumstances. Give reasons for your decision.
Your company is considering the purchase of new earth movingequipment. The total purchase is $240,000 and we pay with $100,000 cash and borrow therest. (12% per year nominal, compounded monthly for 5 years).
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