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Assuming that price of labor (L) and capital (K) are 12 and 3, respectively. One manufacturing company is facing production function given as Q = LK .
(1) What will be the input combination based on the aforementioned information to minimize the cost? Support your answer by using mathematical cost minimization and explain in verbal.
(2) By using the answer from (1), derive demand function for both labor and capital.
(3) Based on your answer from (2), derive your total cost function.
(4) Based on your total cost function, derive the average total cost.
(5) Now, you know that the company has limited budget of 600. What will be the cost minimizing input of labor and capital?
(6) If the price of capital increased double, what will be the optimal labor and capital to maintain same output from (5)?
they both can earn 10$ an hour they both have non-labor income of 300$ per week and they have 110 hours per week of non sleeping time. Who would works the most hours also how much do each of them make per week
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
A 10-year zero coupon $100 face value bond has yield of 6%. Through series of unfortunate circumstance, expected inflation rises from 2% to 3%. Assuming the nominal yield rises by an amount equal to the rise in expected inflation, compute the change ..
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Based on your knowledge of aggregate demand and aggregate supply, suggest the reasons and causes for the downward tailspin of the economy. Provide support for your response.
the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is the average total cost.
Elucidate what is the present discounted value of the cost of the car if you use GM's interest-free financing
In looking at market structures we often see that monopolies are sole providers of a good or service. In looking at utility companies, why are they typically awarded the ability to be monopoly from government?
Using the results obtained in part (b) and part (c), derive the monopolist's short-run profit-maximizing level of output.(e) Determine the price charged by the profit-maximizing monopolist and the amount of profit earned.
A friend borrows 500$, agreeing to pay back the loan principal plus 75$ interest one month later. One year goes by and he doesn’t pay. Exactly one year later you ask him to pay the loan immediately plus an interest with monthly compounding.
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