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The firms has the production function Q(K,L)=30K^.67L^.33, where Q is the hours of edited footage. The wage is $25, and the rental rate of capital is $50. The firm wants to produce 3,000 units of output (video shorts) at the lowest possible cost. a. What ratio of capital to labor minimizes cost? b. How much capital and labor will you need to rent and hire in order to produce 3,000 units of output? c. What is the total cost of hiring these inputs? d. Graph the isocost and isoquant associated with this example. Clearly mark the optimal point. Include the quantity and cost on the isoquant and isocost.
suppose two competitors coa inc. and han inc. are locked in a bitter pricing struggle in the aluminum industry. in
you are between jobs and have decided to relocate to a city west of the mississippi river but you are unsure of what
Mark discovers that he needs to do an additional $200 of work to make the cabinet worth $360 topotential buyers. He could also sell the cabinet now, without completing theadditional work, for $100. What should he do?
The demand for the firms services has been increasing as more consumers use the service for convenience and due to higher parking rates and gasoline prices, wage rates for drivers increase cost for the firm. Describe the supply and demand shifts t..
Residents of a town take turns driving a water truck to a fire hydrant in a nearby town. They fill the truck with water and then haul it to a storage tank. Last year truck fuel and maintenance cost $3180.
Briefly explain the meaning of MRTS for this production function and what is elasticity of substitution when the capital-labour ratio changes from 1/10 to 1/30?
Defines and explains a closed system and provides an example and explains the inner and outer flows of a closed system.
The RAND (short for "research and development") Corporation is a think tank located on 15 prime acres of seaside property in the center of Santa Monica, California. RAND purchased the land for its offices from the city in 1952 for $250,000.
a. draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your
Describe why the following is an example of monopolistic competition: There are a number of fast-food restaurants in town, and they compete fiercely.
The budget deficit is of tremendous concern and all law makers agree that some measures should be taken to reduce it. However, The Republicans see the issue as a spending problem, while the Democrats see it as a revenue problem.
Explain in one or two paragraphs why innovation is at the heart of creating and sustaining competitive advantage for firms. You need to mention the interrelationships between innovation, productivity, competitive advantage and value-creation.
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