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Question: 1. Make up your own constrained optimization problem for an objective function with two independent variables and solve it using the substitution method.
2. A firm faces the production function Q = 2K0.2L0.6 and can buy L at £240 a unit and K at £4 a unit.
(a) If it has a budget of £16,000 what combination of K and L should it use to maximize output?
(b) If it is given a target output of 40 units of Q what combination of K and L should it use to minimize the cost of this output?
Which of the following will never be negative in economic theory?
What are the main sources of alternative, or renewable, energy? Which alternative energy source do you believe will see the most development? Explain the purpose of the CZMA.
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and foregone wages) are gauged in dollars, but the benefits of the vacation are psychological. Compare the airfare and hotel costs of the vacation..
What motivated the producers of all the individual products in the store to make them and offer them for sale How did the producers decide on the best combinations of resources to use Who made those resources available, and why How does the market..
You have to prepare a term paper on supply and demand economy method
explain why the aggregate supply curve is vertical in a graph with the price level on the vertical axis and real gdp on
A consumer consumption set
The cows were all the same breed (Santa Gertrudis) and had borne their first calf during the year. The mean selenium concentration was 6.21 µg/dl and the standard deviation was 1.84 µg/dl.16 Construct a 95% confidence interval for population of pr..
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
The problem belongs to Economics and it discuss about consumers' surplus, producers' surplus and total surplus for cheese produced in the year 2009 in the US.
What are the benefits and disadvantages of a private-label brand vs. a national-manufacturer brand? Consider this from both the retailer's and customer's viewpoints.
Briefly outline the global market situation that is creating conflict and requires negotiation that will lead to decision making - Identify four possible verbal and nonverbal communication barriers.
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