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Evren wants to go into the donut business. For $100 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K = 1, r = 100). He must pay unionized donut bakers a monthly salary (w) of $200 each. He projects his monthly production function to be Q = 5KL, where Q is tons of donuts. a. With the current level of capital, what is the marginal product of labor? Is the marginal product diminishing? Explain. b. If Evren wishes to make 25 tons of donuts, how many bakers are required given the current level of capital? How much will it cost to produce this (total cost)?
Explain how much of X and Y will Lisa White demand. Check out your answer by using the consumer equilibrium conditions.
Illustrate what is the probability that a simple random sample of auto insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400.
Elucidate how principles of economics affect decision-making, interaction and workings of economy as a whole.
how must you consider the issues regarding diminishing marginal returns and economies of scale.
Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest. If the inflation rate was 4%, illustrate what was the real interest rate you paid.
Illustrate what are some of the downside risks also potential problems involved when using fiscal policy.
The company rents roller cutters and crimping machines for $16 per hour, and the marginal product of capital is 100 rollers per hour. Illustrate what do you think the previous manager should have done to keep his job.
Which of the coefficients are statistically significant and which are not? Explain. d. What percent of variation are restaurant sales explained by this equation?
Suppose that the government imposed a $1 tax each time someone used an ATM.
Suppose the T-account for ABC bank is as follows: assets: reserves($150000), loans(250,000)and deposits $400,000.if the fed requires banks to hold a 10 percent of deposits as reserves explain how much in excess reserves does ABC holds.
Joe is an empire builder". That is, his goal is to produce and sell as much as possible. Show that Joe's output is a decreasing function of all input prices.
A product has an arc elasticity of -0.8. at a price of $7.00, 1000 units are sold per period. In order to sell 1200 units, what will the new price be. Illustrate what is the revenue at the old price ($7.00)and the new price.
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