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Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis. 2. The shape of the isoquant tells us about the relationship between the two inputs in production. How substitutable are L and K in the production of Y ? In particular, how many units of L can be replaced by one unit of K without affecting the level of output?
Elucidate which of the subsequent statements is correct regarding the equilibrium cost also quantity of X.
The long-run market supply curve in a competitive market will
q.the blair companys three assembly plants are located in california georgia and new jersey. previously the company
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Illustrate what fiscal and monetary policies would you recommend in order to close a recessionary gap. Would you recommend what expansionary polices.
For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production I is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maxim..
Both wealth and poor people consume some health care. For the sake of this question, assume that all people pay the same price for healthcare, and all other goods.
A contractor is looking at purchasing a new piece of construction equipment. He can either buy it now or two years from now. The cost is $68,000 if purchased now. If purchased in two years, it will cost $81,000. Assume i = 10%/year and inflation f = ..
q.1 what are the definitions of the following cost concepts fixed costs variable costs and total cost?2. give the
This will mean replacing one of the weekly passenger flights with a freight flight
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
What is likely to happen to the supply of any good when a price ceiling is imposed?
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