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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) In 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.
Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person's income to provide the same level of coverage as before. What can be said about deadweight loss in each case?
These 3 basic trade-offs include which goods or services are to be created, how to create them, also who gets them.
In 2014, we predict the demand curve for a product will continue to shift leftward, which will tend to lower price and quantity. However, with a lower price, supply will also decrease, shifting the supply curve to the left. A leftward shift of the su..
Fill in the column "Society's willingness to pay." Then draw a graph of society's demand for the public good.
Employment data at a large company revel that 72% of the workers are married, that 44% are college grads,and half of the college grads are married. Elucidate what is the probability that a randomly chosen worker;
Analyze the current macroeconomic situation and its impact on Walmart and Starbucks. Explore in particular explain how the two companies' respond to the macroeconomic conditions in terms of their.
Suppose a firm's inverse demand curve find the firm's optimal quantity, price also profit by using the profit also marginal profit equations.
Elucidate what evidence of excess supply or excess demand can you cite in these examples.
Graphically, the reservation wage is shown by:
Textile Workers of America is planning to strike for higher wages. Management predicts that if strike is successful, cost of labour will increase $100 per day. If strike is successful, how would this affect decision in part a to purchase a textile..
q.units of labor marginal revenueproduct0 na1 302 243 184 155 126 10assume a firm is a monopsonist that can hire its
Bob's utility function is UB = (hB - 1)2sB where hB and sB are his consumption of hamburgers and salads respectively. Let p be the price of hamburgers measured in salads. Alice is endowed with one salad and two hamburgers. Bob is endowed with six sal..
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