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The production function at Ginko's Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min(L, 3K) = 3, and q = 3,000.
A) Draw the isoquants for this production function.
B) Draw the total product, average product, and marginal product of labor curves for this production function for some fixed level of capital.
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Compute the firm's profit from part d. Solve algebraically for the profit maximizing quantity (QM) and price (P M). You should get the same answer as in d.
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The three Cs in the 3C strategy for persuasive writing are
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According (the semi-strong form of) the efficient market hypothesis, the price of an asset should reflect all publicly available information about the 'fundamental value' of that asset. What academic theories (i.e. published or in working papers) hav..
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