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Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 units of output in the long run, how much L and how much K should they use?
Poisson Distribution (8 pts.) 911phone calls arrive at the rate of 30 per hour at the local call center. a. Find the probability of receiving more than two calls in a five-minute interval of time. b. Find the probability that the number of calls.
Suppose the market demand curve for a product is given by: Qd = 500 - 15P + 20I and the market supply schedule is: Qd = -25 + 10P + 10K. The initial values are I = 10, K = 5.what is the price elasticity of demand.
Let MUa=Z=10-x and MUb=Z=21=2y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B- that is, x=y=10. How is the..
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q. What level of Q maximizes net benefits
Two car manufacturers, Saab and Volvo, have fixed costs of $1 billion and marginal costs of $10,000 per car. If Saab produces 50,000 cars per year and Volvo produces 200,000, calculate the average production cost for each company.
Sentencing juveniles to adult prisons is like saying society has given up and there is no treatment that can affect their adult potential. It is the responsibility of society to treat juveniles and that treatment should be administered in juvenile fa..
At the end of 1973 Japan had a per capita real output of $14,379. If, on average, Japan's real per capita output grew at a rate of 3 percent per year between 1973 and 1993. What would Japan's output per capita have been at the end of 1993
explain the term merit good and give examples of this.explain the term demerit goods and give examples of this.what are
Given the following variables in the open economy aggregate expenditure model, autonomous consumption (C o) = 200, autonomous investment (I o) = 200, government spending (G o) = 100, export spending (X o) = 100, autonomous import spending (M o) = ..
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity. Should they wait until new firms actually enter. Explain how advertising can be employed to allow Tots-R-Us to keep price.
Suppose that the marginal damages to society from air pollution are MD=e-25, where e is the level of air pollution. Suppose also that the marginal cost of reducing the air pollution on the part of firms is MC=200-2e.
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