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1,a) Prove that profit maximization implies cost minimization but not vice versa.b) Consider the problem of maximizing profit Π= py - wl subject to the production function y = l^a, a?(0,1). Derive the profit function and confirm that Hotelling's lemma hold. Explain what happens if a = 1.
2, Long run average costs rise as output increases if and only if the production function is homogeneous of degree p?(0,1). True or false? Explain your answer.
Discuss the pros and cons, for returning to the gold standard. Provide the positive and negative effects of reversing the current policy.
What fact might lead the manager to be concerned? If true, what do you think is likely to happen to the price of products G.R. Dry Foods sells?
In short run, assume that all the costs [except film rental and concessions] at a theater are fixed, and that each theater can seat five hundred people per day, no more.
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
Starting in late 1970s and continuing through the 2000s, business environment moved toward relying less on government regulation and more on marketplace to get desired economic targets.
Principles of Microeconomics - There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate.
Neolithic Revolution
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..
A perfectly competitive market and the perfectly competitive potato producers in Prince Edward island, the market demand curve rot potatoes
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
Suppose that the banking system is in reserve equilibrium. The Fed conducts an open market buy of Treasury securities in the value of $1 billion.
The WSJ recently reported that Juniper Networks plans to offer its more than 1000 employees opportunity to reprice their stock options.
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