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The manager of a meat-packing plant can use either butchers (labor) or meat saws (capital) to prepare packages of sirloin steak. Based on estimates provided by an efficiency expert, the firm's production function for sirloin steak is given by Q=K+L
a. Graph the isoquant corresponding to 5 units of output.
b. What is the marginal product of capital and labor? Does the answer depend on how much labor and capital are used?
c. If the price of labor is $2 per hour and the rental price of capital is $3 per hour, how much capital and labor should be used to minimize the cost of production?
what are the highest and lowest payments from the writer that the beekeeper- farmer team will accept for the sixth day. Assuming that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept.
Firm z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C = 50 + 4Q +2Q^2. The associated marginal cost is MC = 4 +4Q, and the point of minimum avera..
First we have to determine the general inflation rate over the project period, then we need to convert the cash flows into actual dollars into equivelant constant dollars with year zero as the base year. Then if the annual inflation free interest ..
Suppose the government imposes a 25-percent tax on accounting profits. This tax is only levied if a firm is earning positive accounting profits. What will your after-tax accounting profit be in the low-revenue case In the high-revenue case.
Supply Function: A review of industry-wide data for the jelly and jam manufacturing industry suggests the following industry supply function: Q = 59,000,000 + 500,000P - 125,000PL - 500,000Pk + 2,000,000W Where Q is cases supplied per year, P is the..
Suppose that Microsoft is the only producer of operating systems and Netscape is the only producer of Web browsers. Suppose also that nobody wants an operating system without a Web browser and nobody wants a Web browser without an operating system.
You have decided to go into business producing little wooden statuettes. Your cost function for the statuettes (S) is given by C(S)=40+S+S^2. What is the average cost to product 200 statuettes
Now suppose the firm's total and marginal cost are as follows: TC = 6800 + 20 Q (The cost function includes advertising costs.) MC = 20 Assuming the number of ads remains at 25, what price should STS charge to maximize its profit
The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-back..
Write the matrix for a game where the strategies for each firm are "produce 5" and "produce 6". The numbers from (a) and (b) will help you fill in some of the payoffs but others will take some more calculation.
A friend convinces you that she has a great idea for a business, and the two of you incorporate. You supply her with funds and let her make all of the executive decisions. Under the agreement you hold 30% of the firms stock and your friend holds 7..
The InterCell Company wants to participate in the upcoming World Fair. To participate, the firm needs to spend $1 million in year zero to develop a showcase. The showcase will produce a cash flow of $2.5 million at the end of year one.
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