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Jake and Paul run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function isQ= 4K0.75L0.25whereQis the number of reams produced,Kis the quantity of capital rented, andLis the quantity of labor hired. For this production function, theMPL=K0.75/L0.75and theMPK= 3L0.25/K0.25. The weekly cost function for the paper plant isC= 10K+ 2L, whereCis the total weekly cost. How much will it cost Jake and Paul to produce 1,000 reams of paper each week if they are minimizing their total costs?
Suppose that the production function for iPods isQ= 20K0.5L0.5. The marginal product of labor is 10(K/L)0.5, and the marginal product of capital is 10(L/K)0.5. Suppose that labor can be hired for $6, and capital can be rented for $9. If the firm has exactly $300 to spend on producing iPods, what is the maximum number of iPods it can produce
Do you feel technology should be made available to all users at a public library, addressing the question, should student users at the public library be able to access social media, play games, and utilize dating sites?
If a firm pays employees hourly and guarantees every employee 35 hours per week, how would the firm categorize its labor costs - what is the marginal cost of the 10th unit of output?
Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market. Determine the quantity demanded,the quantity supplied, and the magnitude of the shortage if a pride ceiling..
The market demand function for corn is Qd = 15 − 2P and the market supply function is Qs = 5P − 6, both measured in billions of bushels per year.Describe how the government can raise the price to $4 per bushel with a vol- untary production reduction ..
explain why for a country having full employment of its resources an increase in production of public sector goods can
Home produces fish using unskilled labor (U) and capital (K) and computers using skilled (S) and (U). Unskilled labor is mobile between industries. Capital and skilled labor are specific to their industries. Goods prices are fixed on world mark..
Draw a graph representing the Rochester ice market before the storm and label it carefully. What was the equilibrium price for the Rochester ice market before the storm? And the total quantity of ice traded?
Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
Duty of care determines an expectation that harmful or potentially harmful impacts of organisational operations and activities will be managed in order to avoid dangerous hazards and risks.
Illustrate what effect does the current supply and current demand have on this product. Describe how each of the 4 factors contributed to the elasticity of the good.
If a specific subsidy (negative tax) of s is given to only one competitive firm, how should that firm change its output level to maximize its profit, and how does its maximum profit change
Suppose you are considering putting your savings in an investment fund. One scenario projects stable prices, and therefore, low returns. The other scenario involves high inflation and, consequently, high returns
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