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consider the following production function: q= 8lk+ 4l^2-(1/3)^3, Given the following expression for the marginal productivity of each input:MPl= 8K+8L -L^2 and MPk -8L Assuming capital is plotting in vertical axis and labor is plotting in horizontal axis. Determine the MRTS when K=30 and L=15.
James Pizzo is the president of a firm that is the industry price leader; that is, it sets the price and the other firms sell all they want at that price. In other words, the other firms act as perfect competitors. The demand curve for this indust..
Provide three examples of operating firm formed as, sole proprietorship, partnership and corporation. Describe how you decided on categorizing them.
The price of milk at the supermarket is px = 4$/liter. The price of cereal py is 0.2cents/gram. If supermarket allows Bob to use an unlimited number of coupons. Coupon: "Buy 1 liter of milk and get 1 box of cereal for free". A box of cereal has 20..
Assume you are an analyst assessing national costs of mercury abatement. Your staff has estimated the marginal social costs to be MSC = 0.8Q and the marginal abatement cost across polluters to be MPC = 0.65Q, where Q is measured in percent abateme..
Andrea, however, claims they do have a contract and wants to enforce said contract for the price of the car. What standard would the court use to determine whether there is a contract between the parties for the sale of the car.
X and Y are two random variables. The average value of X is 40,000 and X has a standard deviation of 12,000. The average value of Y is 45,000 and the standard deviation of Y is 18,000. The correlation between X and Y is 0.80.
Suppose the interest rate on British and US bonds is the same (5 percent) and the expected future exchange rate (dollars per pound) is $1.52 per pound. Now the interest rate on British bonds suddenly rises to 10 percent.
Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for ..
Assume that Y = real GDP. Then from the expenditure approach, Y = C I G NX. On p. 306 Exhibit 14.10 of the textbook, all C, I, G, and NX are the non-price determinants of AD. Suppose we use C, I, G, and NX as indicators during business cycles, the..
find the covariance between hourly wage X and education Y (measured in years of schooling) using the following summary statistics for a sample of 10 workers in a plant. xbar = 11.775 ybar=13.8 sum of (x-xbar)(y-ybar) = 103.55 sum of xy =1728.5
(a) Calculate the equilibrium quantity and price for peaches. (b) Calculate the point price elasticity of demand and point income elasticity for peaches at the equilibrium. Also calculate the point cross price elasticity between peaches and aprico..
graph the relationship between output and labor, holding capital constant at its current value. Find the MPN for an increase of labor from 100 to 110. Compare this result with the MPN for an increase in labor from 110 to 120. Does the marginal pro..
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