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Q1. Suppose we use two inputs, let's say capital and labor, and the price of capital is Pk and the price of labor is Pl. If we want to know the optimal input combination in the long run, what condition must be met?
Q2. If the consumer budget constraint is given by 4F + 1 S = 994, where F is food and S is shelter, Explain how much shelter can she buy if she purchases 2 units of food? (Round your answer to 1 decimal point)
Provide examples of two industries with different time frames for the short run. Clarify why this is the case.
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
In country B the opportunity cost of 100 gallons of beer is 0.95 tons of cereal. Both countries can experience gains from trade if the exchange rate for a ton of cereal is 96 gallons of beer
In long run, what would you expect to happen to the price of steelin U.S. and Germany. What would be the price differential.
Calculate the price elasticity of demand for Newton's Donuts
Suppose that a mysterious in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50%.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using year 1 as the base year. Next, do the same calculations using the chain-weighting method.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
Provide a rational for why you feel the new target market and pricing strategy would be successful and the likely impact to the profitability of the firm.
The Marginal Product of Labor and the Marginal Product of Capital are given.
South Korea can produce a maximum of 600 million toaster ovens or 900 million tons of rice per year. The U.S. can produce a maximum of 700 million toaster ovens or 1,000 million tons of rice per year.
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