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Given the following production function
Q = F(K,L) = K^3/4 L^1/4
a) find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 16 units.
b) Assume capital is fixed at 16 units. If the company can sell its output at a price of $100 per unit and can hire labor at $25 per unit, how many units of labor should the firm hire in order to maximize profits?
College A is planning outsourcing their groundskeeping. They have been given a bid from Groundskeeper Willie for $250,000 a year, with the claim that he will keep school grounds in the same condition they are in now.
The fresh milk market in Honolulu is purely competitive. The typical production cost is defined through a a cubic cost schedule as given below.
MNCs have business units in different geographic areas. This leads to interaction in different languages and cultures.
"A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
During the last ten-years, sales revenue has increased from 25 million to 65 million. Estimate the company's growth rate in sales using the constant growth model with annual compounding.
The following production function are given and solve this problem using an spreadsheet approach and then do the problem using the optimization procedure
Draw the individual cost curves on one graph: marginal cost, average total cost, average ?xed cost, and average variable cost. Place costs ($) on the y-axis and quantity (Q) on the x-axis.
Price comparison services on the Internet are a popular way for retailers to promote their products and a convenient way for customers to simultaneously obtain price quotes from many firms setting I identical product.
Assume that a stock price has an expected return of 16% per year and a volatility of 30% per year. When the stock price at the end of a certain day is $50,
A reserve value is a minimum value set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer.
Pepsi manufactures Fritos and Lays potato chips in addition to its basic soft drink products. Discuss and explain potential ways that this business combination might increase value.
The following is a hypothetical short run production function calculate the total output when two hours of labor are employed?
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