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Suppose that the production of crayons (q) is conducted at two locations and uses only labor as an input.The production function in location 1 by Q1=10Lx^0.5 and in location 2 by Q2=50Ly^0.5
a)if a single firm produces crayons in both locations,then it will obviously want to get as large an output as possible given the labor input it uses.How should it allocate labor between the locations in order to do so?Explain precisely the relationship between Lx and Ly.
b)Assuming that the firm operates in the efficient manner described in part (a) how does total output (q) depend on the total amount of labor hired (L)?
Suppose the price of labor is w=36 and price of capital is r=64. Graph the isoquant associated with 12 units of output, and on the same graph, graph the isocost line associate with producing 12 units of output when the firm minimizes the cost of p..
Time-series data for the last 15 years are used to estimate the regression model. E = a + bN where E is total earnings of the motion picture industry measured in dollars per year and N is the number of tickets sold in December.
A firm operating a chain of drug stores consider to open a new store in one of locations. The management of firm figures that at the 1st location the store will show an yearly profit of $20,000 if it is successful and an yearly loss of $2,000 if it i..
The supply of paper is given by the following equation: Qs = 5,000P and the demand for paper is given by: Qd = 400,000 - 1,000P. The Q's are in tons. There is pollution associated with the production of paper causing marginal external damages of $..
Estimating equation through a correcting factor to correct heteroskedasticity may cause extra correlation to enter the model, which increase the R^2.
In a small country, there is a single firm producing good X. The local demand curve is given by P=100-Q. The firm's marginal cost curve is MC=2Q. The world price of good X is Pw=30. a) In free trade, what will be the domestic production of good X.
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability What is the expected v..
If U(x,y)=2x^1/2 +y and Px=2, Py=6 and M=100, what is the optimal choice If the price of good x fell to $1, what is the new optimal choice Explain what happens to the optimal choice as income increases. What is fundamentally different about the op..
In the long run, Martha Mowers can assemble 300 mowers per week at a total cost of $18,000; 400 mowers at a total cost of $24,000; or 500 mowers at a cost of $35,000. Using the red points (cross symbol), plot the long-run average total cost (LRATC)..
What will the multiplier be given the MPS values below MPS Multiplier 0 undefined 0.4 0.5 1.0 What will the multiplier be given the MPC values below MPC Multiplier 1.0 undefined 0.9 0.75 0.5 0.0 Instructions: For the questions below enter only whole..
The price of a good to be sold by a Monopoly is $0.50. The market has an elasticity of demand (n) of 5. a. What is the mark-up and what is the Marginal cost b. What would this look like for a perfectly competitive market
Suppose that Tommy Hilfiger's marginal cost of a jacket is $100 and at one of the firm's shops, total fixed cost is $ 2000 a day. The profit-maximizing number of jackets sold in this shop is 20 a day. Then the shops nearby start to advertise their..
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