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Suppose a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if the output sells for $10 in the competitive market. How many workers will the firm hire when the wage rate is $30 per day? (Hint: The marginal product of labour, MPL is 12 - 2L).
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
What is the effect of the United Arab Emirates' increasing sovereign wealth funds on GDP?
What is the Marginal Rate of Transformation between sugar and tea?
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
What can the company do to improve its overall compensation, benefits and professional development practices to enhance the staff's overall effectiveness in meeting the mission and needs of the company?
Define the term Consumer surplus, Gien good and Income elasticity of demand using graph and equation.
Determine the difference between Total Variable Costs (TVC), Average Variable Costs (AVC) and Marginal Costs (MC).
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
Use method of Lagrange multipliers to find the cost function c(r,w,y). Find out the average and marginal cost. Find out the interpretation of the Lagrange multiplier in part (a)? What is the importance of term (a+b) being less than, equal to, or grea..
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
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