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1. The production function for a competitive firm is Q = K.5L.5. The firm sells its output at a price of $10, and can hire labor at a wage of $5. Capital is fixed at one unit and costs $2. The maximum profits are:
2. The production function is Q = K.6 L.4. The marginal rate of technical substitution is:
Suppose the marginal product of labor is 8 and the marginal product of capital is 2. If the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use:
A. more capital and less labor.
B. more labor and less capital.
C. three times more capital than labor.
D. none of the answers are correct.
Explain the difference between adverse selections also moral hazard in insurance marketplaces.
The price elasticity of demand for gasoline is 2. What effect will a 10% reduction in the quantity of gasoline placed on the market have on the price of gasoline?
The firm must pay a fi xed cost of $80 if it produces any positive amount, but does not have to pay this cost if it produces no output. Illustrate what is the smallest integer price that would make a firm willing to produce a positive amount.
The unemployment rate is declining in the USA; it is around 5%. But many people complain about underemployment, which means that they want to work full time, but they can find only a part-time job. The main concern of the second group is that the exp..
This is a team discussion on “Decision Making, Factors and Role of Metrics.” I posted three articles titled "Decision Making Consumers", “Pricing” and “Managing Customer Value Metrics” for this team discussion under Week 3 module. These three article..
To accumulate 18,000 at the end of 7n years, a deposit of 5,000 is made at the end of the first 3n years and another deposit of 7,200 is made at the end of 5n years. Find v^n where v is taken from our normal actuarial notation and v>0
Can you give me at least two examples of how average cost pricing has distorted regulated markets in electricity and natural gas. How does the mispricing affect customer behavior?
Reflect on quality health outcomes, utilization, and disparity in the Indian healthcare system. India's healthcare infrastructure has not kept pace with the economic development. What are some of the factors that are adversely impacting the healthcar..
The relationship between the less- developed- countries and the developed countries in the evolution of international trade has always been a bit strained. Discuss this relationship, including policies adopted and /or advocated by each group to "help..
Suppose you were appointed economic advisor to a less-developed nation in Africa. The nation seeks to encourage capital formation and wants to increase the rate of savings of its own residents as well as encourage foreigners to invest in their nation..
q1. elucidate relationship among production curves average product and marginal product also cost curves average
On October 29, 2014, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. Prepare jounral entries to record t..
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