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A firm produces according to the following production function: Q=k^.5L^.5 where q= units of output, k= units of capital, and L= units of labor. suppose that in the short run k=100. moreover, wage of labor is w=5 and price of the product is p=10. what are the optimal units of labor?
You manage Gofer Delivery Services. You rent a truck for $50 a day and each delivery takes an hour of labor time. The hourly wage is $8. Draw a curve showing the relationship between the number of deliveries on the horizontal axis.
Prior to opening his hardware shop Bob worked as an investment banker earning $175,000 each year. He pays his employees $150,000 per year.
Explain how much is spent on bus rides. What is consumer surplus in dollars at this equilibrium. How much is the total benefit in dollars from bus rides.
When price is greater than average variable cost but less than average total cost at the profit-maximizing level of output, a firm should continue to produce the level of output at which marginal revenue equals marginal cost.
A lawyer who runs a beat up car also wears frumpy clothes may have a hard time getting clients. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Suppose that market for tradable emissions permits by power plants has been operating efficiently for several years. An engineering company then invents a lower cost device for pollution abatement.
Illustrate how is the magnitude of each affected if, instead of a moderate inflation, hyperinflation occurs.
Explain how it affects industry's margins forcing them to push up their product sale price etc.
What is the fiscal and montery policy actions in saudi arabia since the start of the global financial crisis
the blair company's three assembly plants are located in california, georgia, and new jersey. previously, the company purchased a major subassembly, which becomes part of the final product, from an outside firm. blair has decided to manufacture th..
should government officials attempt to reduce birth rates among families in so-called developing countries or anywhere else for that matter, what implications does your recommendation have on economic development
Consider a hypothetical country with a labor force of 100, of which ten persons are unemployed and 90 are employed. Then, imagine that two of the ten unemployed got jobs, i.e., became employed. How might it be possible for the unemployment rate to..
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