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Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted by M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = m5 B5 and wants to produce 10 barrels of pale ale this week. If the wage of managers is $50 per hour and the wage of brewing assistants is $10 per hour, how many managers and brewing assistants should the firm hire (round to nearest whole number)? How does your answer change when the wage of manager’s decreases to $30 per hour and the wage of brewing assistants remain constant? Is this result consistent with your intuition? Solve analytically.
Give an example of an organization or business in your area that performs the "place" function, and explain why you picked this organization/business.
Evaluate the factors involved in making decisions about pricing tobacco products indicating which would be the most influential.
Assume that the distribution of starting salaries for newly qualified CA. Find out the probability that the std error.
Briefly discuss the similarities and differences between producer equilibrium and consumer equilibrium.
Suppose a soft-drink firm is grappling with the decision about whether or not to introduce to the market a new carbonated beverage with 25 percent real fruit juice. How might it use the six decision steps to guide its course of action?
Illustrate what has happened in the market for your good or service in the curve you labeled D1. What happened to the equilibrium price.
A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees.
Which of the following statements best describes the concept of a binding price floor. Suppose that the equillibrium price of donuts is $1.00 per donut.
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. Assume that the country is in a budget deficit and carrying a..
How does a tax affect an individual’s decision? Consider the case of an individual who consumes two goods: bread and tortillas, both of which are initially free. Also, assume that the price of each good and the individual’s income are given
What is the firm's profit-maximizing (or loss minimizing) output (Q) level? What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
What type of compensation policy would you expect to observe in an industry with rapidly changing technology? Explain. Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival successfully kept p..
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