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Suppose that the production function for floppy disks is given by Q = KL2 L3 where Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor flow of capital service. a) Suppose K=600. Find the total product function and graph it over the range L=0 to L=500. Then sketch the graph of the average and marginal product function. At what level of labor L does the average product curve appear to reach its maximum? At what level does the marginal product curve appear to reach its maximum? b) Replicate the analysis in (a) for the case in which K=1200. c) When either K=600 or K=1200, does the total product function have a range of increasing marginal returns?
When the work was complete, Chuckrow paid Gough the original contract price but refutilized to pay him for the additional cost of reerecting the trusses.
what actions would you take to test the hypothesis. Following your test illustrate what actions would you take if the hypothesis must be rejected given the outcome of the test.
If the entry barrier is removed consumers will be better off because consumers will enjoy greater consumer surplus. Explain.
Consider a palletizer and a bottling plant that has a first cost of $150,000. It has operating and maintenance costs of $17,500 per year, and an estimated net salvage value of $25,000 at the end of 30 years. Assume an interest rate of 8% per year. Wh..
Starting at the demand price $3.00 the demand quantities are 60,70,80,90,100. At what price is the euilibrium price? At what price does suplus occur? at how many large?
If your employees are self-interested, how much output would you expect each individual worker to produce absent monitoring.
You borrowed $150,000 with a 30-years payback term and a variable APR that starts at 9% and can be changed every five years. What is the initial monthly payment? If, at the end of the five years, the lender’s interest rate changes to 9.75% APR, what ..
Locate recent articles in the New York Times or Wall Street Journal in which economists are quoted using positive and normative statements.
Construction-based business of your choice and explain stakeholder theory to illustrate the primary interests of the stakeholder groups and identify any areas of potential conflict between the stakeholder groups.
The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead.
Illustrate what is being held constant when a demand curve for a specific product is constructed.
The impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following policies: free international-capital flows, monetary policy for domestic stabilization, and a fixed exchange rate.
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