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Suppose a production function is given by f(K;L) = KL2, and that the price of capital is $10 and the price of labour is $15. What combination of labour and capital minimizes the cost of producing any given output? (In other words, what is the equation for the expansion path?)
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Suppose you bought a bag of groceries at Food Lion this past September for $46.54. Calculate the price of a similar bag of groceries in 1999 prices if the CPI
Dana's Doorsteps (DD) is a monopolist in the doorstep industry. Its cost is C= 10Q and demand is P = 30- Q.
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
Construct a table showing the marginal failure reduction (in units) and the dollar value of these reductions for each inspector hired.
Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
Compute the short-run profit maximizing level of labor and capital demand. Compute the long-run profit maximizing level of labor and capital demand.
Application of Nash Equilibrium and Game Theory with examples
Is this type of bonus structure in the interest of the company? Use theoretical and graphical insights from chapter five of the textbook to explain your reasoning.
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
What was the growth rate of nominal GDP between 1999 and 2000? (Note the growth rate is the percentage change from one period to the next).
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