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Mad Max's Road Warriors fix potholes in interstate highways. Max's road crews fill potholes using workers and shovels in 1 to 1 correspondence. A worker with 1 shovel can fill 10 potholes in a day. A worker with 2 shovels can still only fill 10 potholes, as can 2 workers with 1 shovel.
a. Draw the production isoquant corresponding to filling 30 potholes.
b. Assume that production displays constant returns to scale, and draw a few more isoquants.
c. If shovels rent for $5, and workers must be paid $25, draw several isocost lines.
d. If Mad Max has received a state contract to fill 30 potholes, what is the minimum cost at which it can fulfill the contract?
e. If the cost of renting a shovel suddenly rises from $5 to $6, what will happen to the composition of inputs that Mad Max uses to fill potholes? Why?
Assume that a storage charge of $250 is incurred for each 1000 units found in inventory at the end of a month. What purchasing schedule would minimize the purchasing and storage costs?
The following relations describe the supply and demand for posters. Qd = 65,000 - 10,000 P Qs = -35,000 + 15,000P Where Q is the quantity and P is the price of a poster, in dollars. a. Complete the following table. Price Qs Qd Surplus or Shortage
Firm M and N compete for a market and decide independently how much to advertise. Each can spend either $10 million or $20 million on advertising. If the firms spend equal amounts, they split the $120 million market equally.
An inductor, L = 8.8 mH, and a capacitor, C = 57 μF, are connected in parallel with each other, and in series with a resistor, R = 175 Ω, and another inductor, L = 2.9 mH. Sketch the circuit and then determine the magnitude of the current, I , thro..
A medical clinic is being ran. Q=KL is the production function. Q is the number of patients treated. K & L are inputs. K = number of nurses, L = number of doctors. Price of K = 1 and the price of L = 5
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10 220 15 300 20 360 25 450 30 600 35 770 40 960 a. What is the marginal cost and average total cost for the firm at each level of output
A small business owner estimates that the heat loss through the exterior walls of her warehouse will cost approximately $4,000 next year. A local company is offering insulation that can reduce the heat loss by 80%,
How much profit will she make when maximizing total revenue?
On October 31, 2010 the USDMXN was 10.00. On the same date in 2011, the MXNUSD exchange rate was 0.07692 What was the DIRECT rate for the U.S. dollar last year and what was the INDIRECT rate on October 31, 2011
a.) what is the market-clearing price b.)how much will he produce c.) what is the net profits d.) what is the elasticity of demand at the market-clearing price
assume the government plans to finance any government spending my raising taxes to cover increase in spending. How much will government spending and taxes have to rise to move economy to full employment
the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal pro..
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