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The short-run production function of a profit maximizer firm is given by f(L) = 6L^2/3 , where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. (i) How many units of labor will the firm hire? (ii) How much output will the firm produce? (iii) If the firm has no other costs, how much will its total profits be?
assume that the cost elasticity for hip replacement surgeries is 0.3. additionally assume that hip replacement
You spend $5000 on one year of culinary school tuition immediately after high school. The tuition is not refundable. After 3 months you want to go to college rather than continue culinary school. An economist would tell you that the cost of your cook..
Suppose firms compete in quantities. How much does each firm sell in Cournot equilibrium.
What is the main difference between a competitive firm and a monopoly firm?
Which segment of the population is one of the wealthiest in the U.S.?
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -4, while group 2’s is -3. Your marginal cost of producing the product is $20. Determine your optim..
List the four dimensions of opportunity management. How would you describe your time management skills? List the four time-saving techniques used by time-conscious people and describe how you can use each to increase your time management.
Under what conditions (such as relative costs, position of the demand curve, number of low-cost firms) will the smaller, higher-cost growers be driven out of business?
"No firm is completely sheltered from rivals; all firms compete for the consumer dollars. If that is so, then pure monopoly does not exist." Do you agree? Explain. How might you use Chapter 6's concept of cross elasticity of demand to judge whether m..
“In a situation of increasing opportunity costs, trade can be beneficial to both countries if they have identical tastes. However, trade cannot be beneficial to either country if the countries have identical PPFs” Is this statement correct of incorre..
With respect to three goods- ice cream, green tea, and digital cameras, what does it mean when your preference for, and satisfaction gained from, these three goods are consistent with the assumptions of completeness, transitivity, and (What I call) t..
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
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