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Production function for a competitive firm is Q = K2/3 L1/2. The firm sells its product at $100 in a competitive market and can hire labor at a constant rate of wage of $50 per unit of time. Capital is fixed at 8,000 units. Determine the profit maximizing quantity of labor (L).
Explain why it is possible to interpret a two-part tariff as a two-block-rate tariff. Explain the circumstances under which this equivalency might not hold. Why might a consumer choose to have access and still consume zero units?
What does the sharing economy mean to you? What are the benefits of living in a sharing economy? What is a potential downside? Have you had any personal experience with the sharing economy? What would you share, what wouldn't you share?
In recent years technological improvements have greatly reduced the cost of producing basic cell phones and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smart phones and ..
Explain how the Laws of Supply and Demand
A machine was installed 5 years ago. Its market value is now $15,000 and is expected to decline by 10%/year over the next five years. It is projected that this machine will be operational for another five years, after which time it will be scrapped (..
assume you have been hired as a managing consultant by a company to offer some advice that will help it make a
question 1consider a market with the following supply qs and demand qd curvesqd 200-2pqs25at the market equilibrium
would you expect the price elasticity of demand to be higher at the level of an individual school or at the aggregate
What you know about the consumer's preferences, can you predict a possible equilibrium on the new budget line?
Given our current economic situation, determine the steps that the Federal Reserve should take to help stabilize our economy. Then, explain how each of the following variables will be affected by proposed steps that you have identified: money supply,..
Review the information available on the following websites. You will use this information to answer the questions below:Overview of BLS Statistics on Unemployment: http://www.bls.gov/bls/unemployment.htmUnemployment, total (% of total labor force): ..
If the government subsidizes private colleges and sets the subsidy so that the efficient number of students will enroll in college, what is the subsidy per student? How many students will enroll?
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