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Suppose that a semiconductor plant's production function is q = 5LK, where q is its output rate, L is the amount of labor it uses per period of time, and K is the amount of capital it uses per period of time. Suppose that the price of labor is $1 a unit and the price of capital is $2 a unit.
a. The firm's vice president for manufacturing hires you to figure out illustrate what combination of inputs the plant should use to produce 20 units of output per period. What advice would you give? Explain.
b. The same as in (a), but the plant needs to produce 40 units of output. Explain.
c. Compare your answers to part (a) and (b) and explain the scale effect. Explain.
d. The same as in (a) but the price of labor has risen to $2 a unit. Explain.
An economic system, in which economic decisions are controlled by the internal interaction of supply and demand, is known as a Illustrate what.
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States.
Effects on equilibrium cost as well as quantity when wages for all dental assistants enhance, increasing the expenses of inputs.
The companys marketplace department estimated a linear demand function for Border's picante sauce:
Show how the transaction would have been recorded in the German balance of payments accounts. What was the net effect on the German balance of payments.
Illustrate what is the expected return of the remaining portion of Peggy's portfolio.
B involves the polluters in each region independently negotiating pollution deductions, assuming the other region is not undertaking pollution reduction.
English is becoming the usual language for international transactions, even if the language of neither country is English.
An athletic director was once quoted as saying that he felt his school spent too much on athletics but that it could not afford to stop.
The numbers on this spectrum represent the number of voters lying to the left of the number.
How do the instruments of contraction monetary policy work in principle.
Explain the replacement effect, which may cause monopoly firms to innovate less rapidly.
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