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Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). If the firm has an extra worker and no more capital, it can produce only one unit of output. Similarly, one more unit of capital produces no extra output.
(a) Draw 3 isoquants for this production function with labor on the horizontal axis. Label each with the associated total production. That is, label each with the appropriate Q = #.
(b) The short run, the firm has 8 units of capital. Draw the short run production function and provide its formula.
(c) On a separate graph from part (b), draw the marginal product of labor and provide its formula.
(d) On the same graph as part (c), draw the average product of labor and provide its formula.
Verify all values and quantities computed in the discussion. Now suppose that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services,
If the foreign country enters the market first, determine the equilibrium price and quantity. Will both countries produce. Show both average cost curves and the equilibrium.
Of the following, three mean the same thing and one means something different. Which option does not mean the same thing as the other three in the context of the basic market model we reviewed in class (and that you learned about in principles of mic..
If portfolios are formed by randomly selecting stocks, a 10-stock portfolio will always have a lower beta than a one-stock portfolio.
Detail your choices, noting the why's of your choices and also discuss the effects on the stability of employment, inflation, and GDP as a result.
Can we conclude that an individual participating in the program would be worse off if provided with a cash grant of $50 instead of the viagra?
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Illustrate the entry barriers exist in the fast food industry. Compute the labor participation rate: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150.
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