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The production function for Tweak's Coffee is Y=2K1/3L 1/2. Capital, K, has a price of $16 perunit and labor, L, has a price of $8 per-unit. In the short-run capital is fixed at 8 units.
a. Find the choice for labor necessary to produce 40 units of output at minimum cost.
b. Find the short-run total cost function for output.
c. Find the marginal cost function.
d. Find the average cost function.
e. Find the average variable cost function.
f. Find the level of output that minimizes average cost.
g. Find the value of minimum average cost.
Assume that marginal utility of good A is 4 times the marginal utility of good b. The firm can compute all points on its total cost curve if it knows.
Which of these same curve would shift as a result of the per-burger tax. Curves average fixed cost,marginal cost would shift as a result.
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An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours.
Illustrate what is Consolidated Company's total profit under this condition.
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the market for a new refrigerator for your company's lounge also You've narrowed down the search to two models.
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She is now considering raising her prices by 20 percent to offset the increase in her monthly rent.
Compare and contrast the principles of the institutionalist school to neoclassicism. What tenets of neoclassicism do you think institutionalist economists would reject? Defend your selection.
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