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Q=sqrt(KL) or Q=K^(1/2)L^(1/2)
Where Q is output of ice cream, and L is labor hours. In the short-run K is fixed at 100.
If capital rents for $10 and wages are $5 per hour, state the Total Variable Cost (Short Run Total Cost) function.
Suppose the price of ice cream is $20 per gallon a. How many gallons will the firm produce? b. How much labor will the firm hire? e. Suppose the price of ice cream falls to $15 per gallon a. How many gallons will the firm produce? b. How much labor will the firm hire?
List the ways by which a party to a contract can cause a fraudulent misrepresentation to occur. Give an example for each way that you list. Identify the similarities and the differences between fraud, misrepresentation and mistake.
short-run average cost curve and the long-run average cost curve are both U-shaped for the same reasons.
A producer would not remain in Stage 1 because APP
In theory socialism is an economic system:
Illustrate what can you infer about the expected changew in the exchange rate between the Canadian dollare and the U.S. dollar.
Consider the case of a corn producer. This producer is a monopolist in the corn market. Since corn production uses significant amounts of fertilizers, it negatively affects the environment. Recall that, when a firm is a monopolist, it reduces its pro..
According to a customer, a Harley-Davidson motorcycle can make one feel like "the toughest, macho guy on the block." Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a(n) ________.
Suppose there is a new tax on data usage. The cum-tax monthly bill increases by 15%. If the price elasticity of demand is -0.45, how much does the quantity demanded change?
What are the three functions of money? In your own words, explain why money is needed in a modern economy. Why would it be very difficult to get by without money?
Suppose that demand for a product is given by Q=1000-P. Supply of the product is given by Q=2P. There is a positive consumption externality from this product, in the amount of $5 per unit. What quantity of the good is consumed under the private marke..
Find the SPNE of this game. Is there an outcome of the game that both parties prefer to any SPNE? Also find a NE for which the outcome differs from any SPNE outcome.
An interest rate of 10% compounded continuously is desired on an investment of $15,000. How many years will be required to recover the capital with the desired interest if $2,030 is received each year?
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