Engineers at a national research laboratory

Assignment Help Microeconomics
Reference no: EM13509058

1. Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argued that Congress should force U.S. automakers to build this energy-efficient car. In your opinion, is energy efficiency the same thing as economic efficiency? Please explain your opinion and state whether you support it or not.

2. Assume that a firm's long-run average total cost (ATC) is constant. Which of the following functions, where Q is output; L is labor input; K is capital input, is more likely to represent the firm's production? Please explain your choice.

  • Q = f(L,K) = L + K
  • Q = f(L,K) = L*K
  • Q = f(L,K) = L2 + K2


Please answer all of the questions by one paragraph for each.

 

Reference no: EM13509058

Questions Cloud

What entry should calvin make on april 30th : Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO - What entry should Calvin make on April 30th?
An absolute advantage in the production of fruit : Which county has an absolute advantage in the production of fruit? Timber?
Find where is the center of mass of this bent stick : A meter stick of aluminum is bent at its midpoint so that the two halfs are at right angles and the midpoint is at the origin of the x,y coordinate system
Apply incremental b/c ratio analysis : Four different building locations have been suggested, of which only one will be selected. See table for detail data. Apply incremental B/C ratio analysis to select the best alternative
Engineers at a national research laboratory : 1. Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argue..
Find the wavelength of the these gamma rays : Gamma-ray bursters are objects in the universe that emit pulses of gamma rays with high energies. What is the wavelength of the these gamma rays
Find how fast can the truck be moving without crate sliding : A crate of eggs is located in the middle of the flat bed of a pickup truck as the truck negotiates an unbanked curve in the road. how fast can the truck be moving without the crate sliding
Determine the magnitude of the average drag force : A 89.1-kN car is travelling at 73.1 mph when the driver decides to exit the freeway by going up a ramp. What is the magnitude of the average drag force exerted on the car
Production economics : Production Economics

Reviews

Write a Review

Microeconomics Questions & Answers

  Fast food restaurant production function

I believe that fast food restaurants show short run production function because of the one fixed input, capital. But, I need to elaborate more and produce the production function equation Q=F (L,K,M...) Can you please help?

  Analyze for which quantity it is optimal to use technology

You need to analyze for a hypothetical example whether John Deere should use Technology 1 (Own Production), Technology 2 (Versatile), or whether it should stop producing four-wheel-drive tractors based on the quantity the company predicts it woul..

  Can ge successfully prevent maytag from entering the market

suppose that ge is trying to prevent maytag from entering the market for high efficiency clothes dryers. even though

  Determine equilibrium price and quantity

The long run supply curve for a particular type of kitchen knife is horizontal line at a price of dolla three per knife. The demand curve for such a kitchen knife is

  Compute the cash flow for the 20 years

Compute the cash flow for the 20 years for the cogeneration system as an increment relative to the avoided cost of utility electricity and natural gas

  Yu would wish to examine strategy using aggregate

investors are expecting the federal reserve to take action. discuss the strategy you expect the federal reserve to

  Whether an individual accepts welfare depends tastes

Under a welfare plan, poor people are given a lump-sum payment of $L. If they accept this welfare payment, they must pay half of anything they earn to the government as a tax. If they do not accept the welfare payment.

  Which country is experiencing the higher rate of inflation

Suppose P (domestic price) and P* (foreign price) are both increasing. Now suppose that the dollar experiences a 5% nominal depreciation. a. Which country is experiencing the higher rate of inflation if the domestic currency experiences

  How would the increase in defense affect the economy

Suppose that in response to a foreign crisis, the government increases defense spending by $50 billion. How would the increase in defense affect the economy How would the effects differ depending on the size and sign of the output gap when the cri..

  Which distribution is more unequal based on the figures

Note that the first set of numbers represents the various incomes; whereas the second set of numbers represents the number of people earning each of these incomes. For example, in Avataria there are 50 people with the income of $100, 25 people wit..

  Show the effects of the negative supply shock

On Sunday October 23rd, Eastern Turkey was hit by a strong earthquake. Analyze the effects of this temporary negative supply shock on the real output and real interest rates using an IS-LM model. b. Show the effect of this negative supply shock.

  Activity-based costing-job costing

Employ the Internet or other resources to find out an article relevant to activity-based costing (ABC), job costing, or process costing. Make a 125-word executive summary of your article.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd