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Suppose that the production function for a commodity is given by Q = 10√LK
Where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital. (a) Calculate Q when L=1 and K=1, and L=2 and K=2, then indicate whether this production function exhibits constant, increasing, or decreasing returns to scale. (b) Given K=1, show the change in Q if L changes from 1 to 2, and 2 to 3, and does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?
Calculate the new consumer and producer surpluses after thetas has been applied and compute teetotal amount of revenue collected with the tax, and the deadweight loss created by the tax
There are literally several elected officials across the U.S. at the local, state, and national levels. The 2-major political parties remain as important to election and reelection of public officials today as ever before.
Price elasticity of demand and Income elasticity of demand What impacts will have the construction of a new natural gas company on oil demand. And on electricity demand? Justify.
Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage?
Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?
Make a paper analyzing the current market situations of Airline industry including a supply and demand analysis that answers following questions:
Describe the difference between rise in demand and an increase in quantity demanded, through giving an example of what would cause an rise in quantity demanded
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
Describe a market situation in which the operating company faces economic difficulties and need to cut costs. What cost cutting strategies may the operating company employ to remain profitable?
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
Using the firms marginal cost curve, compute the profit-maximization long-run supply curve for typical retailer. Compute the average total cost curve for the typical gasoline retailer, and determine that average total cost are less than price at the..
Compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
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