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A certain production process employs two inputs - labor (L) and raw materials (R). Output (Q) is a function of such two inputs and is given by the following relationship:
Q = 6L2 R2 - .10L3 R3.
Suppose that raw materials (input R) are fixed at 10 units.
Determine the number of units of input L that maximizes the total product function.
a. 2b. 4c. 3d. 1
What would be the equilibrium quantity and equilibrium price? Assume the Government imposes a $5 per unit tax on the seller, which equation would be affected and how?
Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.
I believe that fast food restaurants show short run production function because of the one fixed input, capital. But, I need to elaborate more and produce the production function equation Q=F (L,K,M...) Can you please help?
The Smith's Company's marketing manager has determine that the price elasticity of demand for its product equals -2.2. According to the studies he has performed, the relationship between the amount spent by firm on advertising and its sales as fol..
Compute the price, output, and profit contribution if the product is not certified. Compute the price, output, and profit contribution if the product is certified. Should the firm undergo the certification process?
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
Public administration can't exist outside of its political context. Describe how politics affects the policy making process and the delivery of governmental services.
Make a table showing the marginal cost of paper cup productions. What is the minimum price necessary for company to supply one thousand cups?
What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
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