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Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L)
a. If the firm is using 4 units of capital and 3 units of labor, how much output are they producing?
b. Is this firm operating efficiently? Why or why not?
c. Suppose this firm wanted to increase production to 40 units, how many workers (L) and machines (K) should they employ, given w = 10 and r = 15? Draw the Isoquant and Isocost curves associated with producing 40 units at the lowest cost.
Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?
Each of the following statements is related to the AD-AS model. Using the labels below, decide whether each statement refers to the aggregate demand curve, the aggregate supply curve, or both. Divided into short-run and long-run measures, which diffe..
q.analysis the demand for housing is often described as highly cyclical and very sensitive to housing prices and
q1. consider an investment that will pay 680 per month for the next 15 years and will be worth 28000 at the end of that
After reading Chapter 8 in the text and viewing the required video for this week, Fixed, variable, and marginal cost, address the following in your initial post: First, describe several different fixed costs and variable costs associated with operati..
The use of money as a medium of exchange represents the mostimportant service that money renders. The money supply known as M1 includes all assets that are good storesof value. The Fed's reserve requirement ratio can reduce the monetary base. The Fed..
q1. suppose the parliament passes legislation making it more difficult for firms to fire workers e.g. law requiring
q.consider republic of netflexs balance of payments in 2009foreign investment into netflex 22imports of goods as well
Illustrate what environmental law, currently up for debate before a state or federal government, do you support also why.
Laura has an undergraduate degree in economics and has been working as a utility rate analyst at the local electricity utility. If she continues on her present career path, the present value of her lifetime earnings is $250,000. Calculate the discoun..
llustrate the black market for lnternet access, comprising the implicit supply schedule.
the participation rate 60 percent, 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?
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