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Suppose that the production function for a commodity is given by Q = 10 ?LK Where Q is the quantity of output, L, is the quantity of lavor, and K is the quantity of capital.
(a) Calculate Q when L=1and K=1, and L=2 and K=2. Then compare and answer the question about the returns to scale.
(b) Given K=1, show the change in Q if L changes from 1 to 2 and 2 to 3. Answer the question about diminishing returns.
Suppose that a profit maximizing companies short run cost is TC=700+60Q. If the demand curve P=300-15Q, which of these options should it do in short run?
A cocoa shipping firm has determined that its US demand curve is given by: Q= 6,500- 2P Where Q is metric tons of cocoa and P is the price per metric ton. The firm can import cocoa from the Ivory Coast for $1,150 per metric ton. Its shipping cost it ..
Public utilities such as electricity are referred to as natural monopolies and are often subject to regulation by a state authority
suppose idaho could not export its potatoes to other states and countries. would idaho be better off? explain. would
Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of price of rental housing and quantity available?
What distinguishes Buddhist economics from modern economics in its approach to material wealth? To natural resources? With which approach are you more sympathetic and why?
Consider a market where supply and demand are given by QXS = -12 + PX and QXd = 90 - 2PX.
The Shelby Center Lemonade Stand has a fixed cost of $125 and a marginal cost of $0.25. If they sell 800 cups of lemonade at a price of $0.50 per cup, what is their profit? What is their variable cost? What is their marginal profit?
general electric which produces light bulbs, jet engines, washing machines, and so on, kinko's which has a photocopy store near many colleges and univesities, usx corporation which owns ore and coal mines, coke ovens, blast furnaces, mills, and foun..
You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. Help the management of the firm as to whether or not it should continue to operate at a loss?
draw an aggregate production function with typical shape and label it f. make sure to label the axis of the graph. now
Discuss the characteristics of monopolistic market in detail. Name five different companies that belongs to this market. Compare and contrast monopolistic competitive market with Oligopoly.
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