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Suppose we now care about the long run decisions of a firm that has a production function of the form q = 2L + 3K
1. Draw the isoquant that represents 20 units of output. 2
2. If the price of each unit of labor is 1, the price of each unit of capital is 2 and the firm decides to produce 20 units of output, find the optimal choices of labor and capital. Show all your steps. Draw the optimization problem and locate the optimal choice in the graph.
3. If the price of each unit of labor is 2, the price of each unit of capital is 5 and the firm decide.
In the circular-flow diagram, the schematic representation of the organization of the economy.
q. brit oxygen whose global sales are generally dollar denominated needs to borrow 50000000 for working capital also
Which of the following statements about oligopolies is not correct? Which is true of an oligopoly market that reaches Nash equilibrium? Which of the following situations produces the largest profits for oligopolists?
Illustrate what Do You Think About The Idea That Technological And Medical Advances Would Bring An End To Hunger, Disease, Drudgery, And Unemployment In The United States
One explanation for China's rapid economic growth during the past several decades is its expansion of policies that encourage "technology transfer." Analyze this change using a Solow diagram. What happens to the economy over time? Draw a graph showin..
In looking at market structures we often see that monopolies are sole providers of a good or service. In looking at utility companies, why are they typically awarded the ability to be monopoly from government?
Compute the opportunity costs of going to each concert. Based on the Cost-Benefit Principle, which concert is the best choice.
Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue f..
It is a typical Christmas electronics shopping season, and makers of flat-panel TVs are marketing the latest available models through their own Web sites as well as via retailers such as Best Buy and Walmart. Each manufacturer offers its own unique v..
With vertical integration in a monopolized environment: When a new baseball team enters a league, the effect on nearby teams is to: The true cost of monopoly power to society is attributable to: Natural monopolies are distinguished by
Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale.
If average worker produces $70,000 of GDP, by how much will GDP increase if re are 140 million labour force participants and unemployment rate drops from 5.2 to 4.5 percent.
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