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1) A firm's marginal rate of technical substitution at
M P L/M P = 3, and the ratio of prices of labor and capital ,w/r, is 4.
a) Is the firm minimizing its cost? Why or Why not?
b) What can it do to improve its situation?
Suppose that your company bought a product for $200,000 and put it in service in 2015. The product you bought will be depreciated with the GDS using half-year convention. The cost basis for the product is $200,000. If we assume that this product is a..
Assume that the product depicted below generates external costs in consumption of $3 per unit. What is the market price (market value) of the product? What is the socially optimal output?
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
Suppose that Benjamin and Elise both work at a large company in the accounting department. They both have been with the company for 8 years, both possess a BBA in accounting, and both are certified public accountants; however, Elise makes less money ..
A food supplement store sold a vitamin for $2.00 a bottle and in one month sold 2,000 bottles. After a price increase, the vitamin sold for $2.20 a bottle and the store sold 1,900 bottles the next month. What is the elasticity of demand
Suppose a decision makers utility function can be described by U(w)=w^0.5. What is this investment's certainty equivalence for this decision maker?
Consider the utility function U(X,Y)=30X^.8 Y^.2. Explain why these points are unique on this indifference curve. Please use at least 3 properties of indifference curves and any of the assumptions regarding utility to justify your response. Your resp..
The sons were very upset regarding their father's Will. They thought that he was not fair in distributing his assts." Based on your understanding of the Property Rights, what can the sons do to get a fair share of their father's property? Discuss the..
In July of this year, Secretary of Energy, Rick Perry, gave an impromptu lesson on supply and demand while visiting a business in Virginia.
You have purchased a $1000 municipal bond for $900. This bond has 10 years remaining until maturity and pays you a dividend of $50 per year. Explain how you would calculate the rate of return for this bond.
After reading "The general equality [or] Monsieur Tocqueville," Chapter in the Reader and your Textbook, answer the following question: What did Tocqueville mean when he wrote that "freedom of opinion does not exist in America"?
The demand for shoes can be expressed as Q = 100 - 10P., where Q is quantity and P is price.Using the midpoint method, what is the price elasticity of demand when the price of shoes goes from $5 to $6?
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