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Suppose that a firm's technology is given by the following production function:
f(k,L) = 6k^1/6*L^1/6
1. Prove that this production function exhibits diminishing marginal product in both and . This is not the same thing as decreasing returns to scale.
2. Prove that this production function exhibits decreasing returns to scale.
Suppose that the rental rate of capital is $10, the wage rate of labor is $10, and the price of output is $40.
3. What is the profit-maximizing quantity of capital and labor?
4. What is the profit-maximizing quantity of output?
5. What is the maximum profit for this firm?
Create an automobile class that will be used by a dealership as a vehicle inventory program. The following attributes should be present in your automobile.
Have you ever had to deliver difficult feedback to a friend, family member or coworker?
Is there value in such a system? How important is it for the general public to understand this system to some degree?
Increase carbon tax will make move of production factory to the countries with no or lower carbon taxes. So every countries should set the base carbon tax rate at the same point to avoid this problem and it will be the problem or not?
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 90 - 0.25P, and the marginal cost of production is $120. Determine the optimal number of units to put in..
If an economy experiences increasing prospect costs with respect to two goods, then the production-possibilities curve between the two goods will be.
Hospitals and physicians try to compensate for providing care below costs to some patients by raising their charges to others. To be able to do so
Jay Leno's utility function is U = 15X0.5Y, where X is the quantity of stand-up comedy DVDs and Y is the quantity of classic cars.
You are asked whether current antipoverty policy meets three generally accepted goals of helping, minimizing cost, preserving work incentives also what changes you would favor and why.
Why is the behavior of an oligopolist so hard to predict? How does it differ from that of a monopolist? Why? Also, If a monopolist has little substantial competition wouldn’t logic dictate that that there would be a portion of the Marginal revenue cu..
A local utility finds that when the price of natural gas (dollars per mcf) is 3.52 the average household uses 4.17 mcf. Further, when the price is 4.65 an average household uses 3.65 mcf. Calculate the slope of a linear function that describes this r..
In a short paper, first explain the theory of 3 rd degree price discrimination as it applies to the airline industry including a graphical model. Explain how and why airlines would choose to practice price discrimination.
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