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Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L)
a. If the firm is using 4 units of capital and 3 units of labor, how much output are they producing?
b. Is this firm operating efficiently? Why or why not?
c. Suppose this firm wanted to increase production to 40 units, how many workers (L) and machines (K) should they employ, given w = 10 and r = 15? Draw the Isoquant and Isocost curves associated with producing 40 units at the lowest cost.
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. Explain how would you describe this industry.
During the past year, gasoline prices have been very volatile. One reason given for at least some of the volatility is the threat of war between Israel and Iran. More recently, there has been a report of serious fire damage to Venezuela's largest ref..
Elucidate why is presidential power "conditional"-that is, why it affected so substantially by circumstance, the makeup of Congress, and popular support.
"Illustrate what is meant by the term 'utility,' and how does it relate to purposeful behavior." In one to three pages, fully explain your answer in a way that shows your understanding of "utility" and human behavior.
illustrate why lower taxes in the current period but higher taxes in the future may make some consumers better off.
Conclude the supply function also inverse supply function for good X. Graph the inverse supply function.
Compare and contrast how the concepts of attitude and personality are both similar and different. Why is it important that an HR staff person who deals with conflict in the workplace, understand these differences and similarities? Give a workplace ex..
Select any four of the six summary statements and explain in detail the significance and possible causes of each item. Be sure to use the economic concepts and polices discussed in your textbook where applicable. Identify possible economic policie..
What are macroeconomic factors and are they useful for economic forecasting? What are economic indicators? Are any of them useful for forecasting economic growth?
Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per unit tariff, the quantities sold by foreign and domestic producers respectively will be
At present, the original manufacturer is deciding either they should continue production of toy truck.
Decide whether each of following statements is true or false. Then explain why your answer is correct, based on Slutsky decomposition into income and substitution effect.
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