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1. Amanda owns a toy manufacturing plant with the production function Q = 100L - 3,000, where L is hired labor hours. If the wage rate that Amanda pays her laborers is $7 per hour, what is her cost function?
2. A Toyota Camry costs $19,600 and has an average gas mileage of 27 mpg. A Toyota Prius costs $23,000 and has an average gas mileage of 50 mpg. Assuming gas costs $4 per gallon, generate total cost equations as a function of miles driven for each of these cars and identify the fixed and variable costs. How many miles do you have to drive before the two cars have the same total cost?
Ellen is downloading labor marke data for the most recentmonth, but her connection is slow and so far this is all she hasbeen able to get: UnemploymentRate: 5.0% ParticipationRate: 62.5% Not in the labor force: 60mil..
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the typical market basket.
Suppose that the government levies of tax of $6 on each unit of the good exchanged. Find the new equilibrium. Find the changes in consumer surplus, producer surplus, and the surplus collected by government. Find the welfare cost of the tax.
Based on the information for the U.S. for the period 1970 to 1983, the following regression results were obtained, GNPt = -787.4723 + 8.0863M1t r2 = 0.9912
Fill in the payoff matrix on the next page, with payouts reflecting the number of customers each vendor receives. (Example: If Ben is at Position 1 and Jerry is at Position 4, Ben will get 400 beachgoers at locations 1 and 2, and Jerry will get 60..
What are the impact and long-run propensities and explain the nature of potential multicollinearity in the explanatory variables when data for marriage and income is observed each month.
Does it depend on the size of the maximum? The shape/position of the indifference map? Are there circumstances in which the ceiling on available funds might have no effect on the mix of services provided?
The demand in the cake market is Qd =500 - 10p and unrestricted supply is Qs = 100 + 10p. Suppose the government imposes a baker's license that reduces cake supply to Q¢s =10p. Calculate the numerical values of the following:a. Price that cons..
Explain the features this market structure and what happens to the company's profit in the short-run and long-run.
Why might a profit-maximizing firm offer such a large raise?
(Figure 19.61) Sketch, or draw with instruments or CAD, a multiview drawing of the knurled head screw, using schematic or simplifi ed thread representation, and add thread notes.
The bank pays a. 10%, b. 11.25%, per year, compounded annually, on such deposits. What is the maximum fixed amount Mr. Jones can withdraw at the end of each year and still have the funds last for 15 years? Ans: a.$9,203.16; b. 9,869.27
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