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The production function for a certain firm is given by Q = 20K^(0.7)L^( 0.3)
where Q is the firm’s annual output, K is the firm’s capital input and L is the firm’s labor input. The price per unit of capital is pk = 10000 and the price per unit of labor is pl = 5000. Find the levels of capital and labor input that maximize the firm’s output given an annual production budget of B = 1, 000, 000, and find the maximal output.
Justify your claim that the output you found is the firm’s absolute maximum
Suppose an individual dairy farmer in Northamptonshire decides that going price for milk is too low. Explain effects of this strategy.
Illustrate what is the difference among a command economy also a market economy.
Boris budgets $40 week for his morning coffee with milk. He likes it only if it is prepared with 3 parts coffee, 2 part milk U= min{3/2M,C}. Coffee costs $2/oz, milk $1/ oz. (For the questions below, show your work briefly) How much coffee and how mu..
Suppose a firm has the production function Q = K0.4L0.6. The wage rate is given by w and the rental rate of capital is given by r. Find the firm’s demand functions for K and L. Suppose the firm is currently producing Q = 100 units of output. Suppose ..
Assuming migration is unimpeded and costless, which of the following statements is most accurate about the effect of immigration on wages in both the origin and destination nations?
Whenever there is an outflow of funds from any of the balance of payments accounts, it is recorded as a __________ , and called _______ .
A banker must earn at least a 2.4% return after expected inflation on short term loans. The inflation rate for the past 6 months has average 5.9%. the expected inflation rate for the next 12 months is 6.5% nominal interest rates for short term loans ..
Suppose the market price of tuna is $3.50/pound. Explain how many fisherman should the company use if the daily wage rate is $100.
q1. total fixed cost or sunk cost is independent of quantity produced.assume a small firm has invested 10 million in
Assume re is a multiplier effect and that total crowding-out effect is $6 billion. An increase in government purchases of $10 billion will shift aggregate demand to left or right by how much.
Assume that the demand for plastic surgery is price inelastic. Are the following statements true or false? Explain your answer for full credit. ?When the price of plastic surgery increases, the number of operations decreases. The percentage change in..
Upon his employment at the age of 22, Robert began to make a series of equal year –end deposits of $1100 to his retirement fund. After working for 5 years, he is now able to increase his saving. He plans to increase his annual deposits to $2200, star..
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