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Assume that the production of scissors is represented by q = 6*(K*L)1/2 . In the SR, K is fixed at 144. The rental rate (v) is 25, and the wage rate (w) is 10. a. (4 pts) What is the STC function in terms of q? b. (2 pts) Using your equation in part (a), what are the fixed cost (FC) and variable cost (VC) equations? c. (6 pts) What are the equations for average variable cost (AVC), average fixed cost (AFC), and short run average total cost (SAC) (in terms of q)?
Suppose that two goods are perfect complements. If the price of one good changes, what part of the change in demand is due to the (Slutsky) substitution effect and what part is due to the (Slutsky) income effect? Explain.
What do you believe is the single most influential force in today's society that sets the tone for an individual's personal values and why? Does this force affect Christians positively or negatively? What is your advice regarding this influential for..
Brazil is the world's largest coffee producer. There was a severe drought in Brazil in 2013-2014 that damaged Brazil's coffee crop. The price of coffee beans doubled during the first three months of 2014. Draw and discuss a supply and demand diagram ..
In 900 words or more needs to be general in nature and should reflect your beliefs, and not necessarily a statement of fact. Are your values based on family, health, achievements, wealth, job success, happiness, faith, love, or anything else that you..
Explain how are protectionist policies from other nations predicted to affect China's relative supply and relative demand.
A firm has estimated that the demand for its product comes from two types of customers, type I and type II. Each type I customer (there are 45 of them) has a demand curve given by Q = 20 - P, while each type II customer (there are 50 of them) has a d..
This first part of the problem set introduces you to Stata for simple data analysis. For each question, first copy and paste the Stata output into a word-processing document (use the "copy as picture" option), then type your answer. You can downlo..
Signs of investor uneasiness in continuing to purchase treasury securities issued by heavily indebted sovereign states such as Greece and Spain have triggered a debate in the past about raising the debt ceiling here. “Tea Party” republicans in the Ho..
What would happen if no one tried to manage the business cycle? What role do you see for the Executive Branch of the U.S. government in managing the business cycle?
In the _____, the perfectly competitive firm will seek out ___________.
Which of the following types of costs is more relevant when making production decisions? a) Marginal costs b) Sunk costs c) Fixed costs d) Average costs
Use at least one of the four Marshall-Hicks laws of derived demand to explain this difference in effectiveness between the unions.
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