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Suppose the firm's production function is q= 2K^1/2l^1/2, the wage rate is $9/hr and the rental rate of capital is $36/hour
a. What is the firm's optimal input combination when it wants to produce 100 units of output?
b. Suppose the firm chooses this input combination. What is the firm's short run cost function?
c. What are the firm's fixed costs? What are the firm's variable costs?
You know that marginal cost of last unit is $30. Should industry continue to operate at a loss. Carefully elucidate your answer
Complete the columns for to conclude the profit maximizing output for this firm. Draw the relevant graph to show the profit maximizing output.
The General Manager (GM) of a car dealership is working on a three year business plan. The GM expects inflation to rise over the next three years.
Where does this short-run aggregate supply curve intersect the long-run aggregate supply curve that you drew? Just need an explanation of what it woudl look like?
Assume that marginal propensity to consume is constant at 1/2 and breakeven point is $8,000. If income is $10,000, n how much will be consumed and how much will be saved.
Which determinant of demand changes in the personal Computer marketplace as more persons become interested
Is it reasonable from an economist's viewpoint to minimize the role of the government in accordance with Nozick's moral argument.
What changes in sales would you anticipate if you were manager of a Dodge/Plymouth franchise. What is each firm's marginal revenue.
Describe how changes in the macro environment affect individual firms and industries through the micro economic factors of demand, production, cost and profitability.
Illustrate what are the most important determinants of the demand function that a firm faces for the commodity it sells.
Assume he takes welfare and does not work. Illustrate what is his reservation wage. He will not lose his welfare if he works.4. Suppose he is working and receives no welfare.
Assume Microsoft chooses to produce 80 million copies of the software per year and sells copies of the software to retailers at $199 per copy.
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