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An orange grower has discovered a process for producing oranges that requires two inputs. The produciton function is y = min{2x1 , x2 }, where x1 and x2 are the amounts of inputs 1 and 2 that he uses. The prices of these two inputs are w1 = $5 and w2 = $2, respectively.
(a) What are the input levels for both x1 and x2 in order to minimize the cost for the orange grower
Keeping your money in a bank seems like a good idea. However, from time to time, depositors lose confidence in banks. we learned that when many people lose confidence in a bank at the same time it is called a “bank run”, and when this happens to many..
What is the practical significance of income elasticity coefficients? Explain the significance using as examples an income elasticity of 3.0 for automobiles and an income elasticity of 0.20 for home-cooked meals.
At the equilibrium point in the above graph, which of the following is false?
Suppose that consumers become pessimistic about the future health of the economy, and so cut back on their consumption spending. What will happen to aggregate demand and to output? What might the government have to do to keep output stable?
When a country is forced to buy and sell currency on the international foreign exchange market to maintain its currency's value, what type of exchange rate does it use?
Under perfectly competitive conditions, marginal revenue is. A firm's break-even point occurs where. Consumer surplus is the area above the demand curve and below the equilibrium price. Perfect competition assumes that all products are identical and ..
The Bureau of Labor Statistics generally uses 90% confidence levels in its reports. One report gives a 90% confidence interval for the mean hourly earnings of American workers in2000 as $15.49 to $16.11. If the null hypothesis states that the mean ho..
In oligopoly, each firm is acutely aware of the production and marketing decisions of all competitors and carefully considers the potential competitive reactions in all decisions. Discuss whether firms in other market structures consider the potentia..
A subsidy on exports is, in a sense, the opposite of a tariff on imports. If a tariff lowers efficiency, would you expect a subsidy to increase efficiency or lower it? How do tariffs and subsidies compare in the way they distort trade according to co..
The following data pertain to products A and B, both of which are purchased by Madame X. Initially, the prices of the products and quantities consumed are: Madame X has $100 to spend per time period. After a reduction in price of B, the prices and qu..
1. Who are the three best-known quality pioneers? Describe and then compare their individual contributions to quality. 2. Look through the ITT Tech Virtual Library and identify a major company that adopted one or more of the pioneers' strategies. Sug..
A 4,000 gallon storage tank was purchased for $240,000 12 years ago. How much would a 12,000 gallon storage tank cost today if the power-sizing exponent were 0.73 and the cost index increased from 150 to 250 over the last 12 years. Express your answe..
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