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The production function for a product is given by Q = 10KL , where K is the quantity of capital and L is the quantity of labour. If the price of capital input is $120 per day and the price of labour is $30 per day, what is the minimum cost of producing 1000 units of output?
A firm uses labor and capital to produce output according to the production function q=100KL, where L is the number of units of labor used and K is the number of machines. What is the marginal product of labor. What is the marginal product of capital..
The Newspaper reported that insurgents in Saudi Arabia had taken over a major oil refinery. What would you predict would happen to the average price and quantity exchanged in the market for gasoline in Saudi Arabia?
The Green Company produces chemicals in a perfectly competitive market. The current market price is $24; the firm’s total cost is given by the equation C=100+4Q+Q2. Determine the firm’s profit-maximizing output. Determine its level of profits. Does t..
The reason that the local telephone company is able to engage in price discrimination between business and residential customers in providing local phone service is that
Illustrate what are the major factors that have affected U.S. household consumption since the recession in 2001.
q1. what would be the production possibility frontiers for brazil and the united states? without trade the united
Consider a homocentric city where the cost of commuting is $20 per mile per month. A household located 5 miles from the city center lives in a 1,000 square foot house that costs it $500 per month. Non-land costs per house are $100 per month and there..
If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the product will cause the quantity demanded to _____ by _____ percent.
ohn also Jeremy are utilitarian's. John believes to labor supply is highly elastic while Jeremy believes to labor supply is quite inelastic.
Which organization has a bigger markup. Explicate. Which organization has the bigger incentive for careful quality control
If the demand curve is QD = 100 - 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
A bank borrows money from another bank on an overnight basis to meet reserve requirements. This money would be borrowed. determines the relative worth of money.
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