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Assume that your business firm is a price taker and that the company sells widgets at $10 apiece. Your firm is maximizing profits. One of your engineers discovers the presence of a substitute input that enables you to cut your production costs in half. Given that information, answer the following questions: What price will you charge for your widgets following the discovery of the input and its subsequent use in production? Why? Will you decrease output, increase output, or keep output the same? Why?
A firm uses capital and labor to produce output according to the production function q =4 rad(KL) , for which MP L= 2 rad(K/L) and MP K= 2 rad(L/K). If the wage w=$1/labor-hr. and the rental rate of capital r=$4/machine-hr., what is the least expensi..
Critics suggest that rational behaviour can't be true because: 1) people make mistakes, 2) people make decisions by habit, and 3) people often take into account the interests of others. Why don't these issues invalidate the assumption of rational beh..
Tom views orange juice and apple juice as perfect substitutes: He is always indifferent between 3 glass of orange juice and 2 glass of apple juice. Suppose the price of orange juice is $1 per glass and the price of apple juice is $2 per glass. Tom ha..
Illustrate what is the equilibrium price of tickets to the event. Calculate the price elasticity of demand at the equilibrium price.
The method used to prepare the budget can also affect the amount of time it takes to complete the budget. For example, companies that use participative budgeting will likely take longer to complete the budget process. What is participating budgeting?..
Elucidate, using diagrams where appropriate, explain how the averege costs of a firm may vary short period and long period.
q. george and john stranded on an island use clamshells for money. last year george caught 300 fish and 5 wild boars.
In what market type would you most prefer to manage a business? Explain why. What skills do you have that would allow you to be especially successful in this market type?
At some levels of output Acme's average total costs are less than Generic's, but at some levels of output Generic's average costs are less than Acme's.
A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: Determine the long-run average variable cost function for electricity generation. Determine the long-run margin..
Illustrate what is being held constant when a demand curve for a specific product is constructed.
Suppose the country of Lilliput exported 263 billion dollars worth of goods while they imported 477 billion dollars worth of goods in the last calendar year. Calculate Lilliput\'s balance of trade:_____ billions of dollars.
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