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Consider a firm as we did in the notes that maximizes it profits by selecting how many workers and how much capital to use. For this problem, set P = $1, W = $10, A = 10/.7, r = .01, pk = .01, d = .1, and K = 5. Use the Cobb-Douglas production, so that revenue for this firm is PAK.3L.7 .
a. How many workers would this firm hire? Hint: be sure that you compare the added benefits and added costs of each worker when the Cobb-Douglas production function is used.
b. If K rose to 7, would this firm hire more or fewer workers? Why?
Could someone please explain this I think it means that because of the large crop, farmers' incomes will fall because of the increase supply per farmer. Prices would then have to be competitively low to sell due to the high supply and as such the ..
the xerxes company is composed of a marketing division and a production division. the marketing division packages and
When the CR = 80%, is the market efficient when the market behavior follows the price leadership model?
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John Taylor of Stanford University proposed the following monetary policy rule: R_t-r ¯=m ¯(π_t-π ¯ )+n ¯Y ~_t. That is, Taylor suggests that monetary policy should increase the real interest rate whenever output exceeds potential.
Find the revenue earned by each bakery. From that revenue subtract the bakery's variable cost and compute the firm's short run economic profit.
a. analyse a range of current economic issues and problems.b. develop and communicate economic arguments in a variety
According to the National Bureau of Economic Research, a poor family is the one whose income falls below one-half of the median family income. Using this definition of poverty, answer the following questions. a) How, if at all, would the proportio..
1.market structures can be categorized according to two dimensions how many producers there are and the extent to which
suppose the business operations have now changed from the market structure specified in the scenario. determine two 2
determine the equilibrium price equilibrium output unit profit and total profit at the equilibrium point. also
Julia must select between two different designs for preventing closure, which will be in use indefinitely. Model 1st has a life of 3-years and cost of $8000, and maintenance of $1000 every year.
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