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1. A company uses two variable inputs, labor (L) and materials (M), to produce its output. At the company's current level of output:CL = $10 / unit MPL = 25CM = $2 / unit MPM = 4a) Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given the level of output b) Determine what changes (if any) in the relative proportions of labor and materials are needed to operate efficiently 2. Peter Higgins is a sales agent for XZY Company. He has an effort cost function of C = e2 and a reservation wage of $1,500. His wage package is W = 1,500 + 0.2Q where the CEO sets the incentive at 0.2 and Q = 200e. Q is the output. If the CEO increases the incentive from 0.2 to 0.25, what happens to the Peter's effort? Will profits rise or fall?3. Two consumers Justin and Cindy of the same product have the following demand curves: Q1 = 500 - 10 P and Q2 = 500 - 20 P. The marginal cost (MC) for the firm is $10. Calculate the prices when the firm discriminates between the two consumers. Is this a good strategy, or should the firm charge the same price to both of them? 4. Some years ago, conservation groups paid cattlemen in the Western United States to move their herds away from wild buffalo herds so that the buffalo would have more feed and would not have to compete with the cattle. What is the relevance of the Coase Theorem in this case?
Assume that a 10 percent-coupon bond ($1000 face-value) is purchased at a price of $960, held one year, and sold for $1020. What is the one-year holding period return for this coupon bond?
characterize the long run equilibrium of a perfectly competitive industry in which average costs are U-shaped as output increases, under both restricted and free entry.
write a 350- to 700-word essay comparing the similarities and differences between virtue theory utilitarianism and
A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the ne..
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
1. the demand function for a cola-type soft drink in general is q 20 - 2p where q stands for quantity and p stands for
The loan office of the bank has just called Ms. Firth to mention another financing possibility-the graduated payment mortgage. Terms, interest rates, and fees are the same as a normal mortgage. However, by lowering the payments in the early years,..
in which type of handling system is labor cost generally the highest percentage?a mechanizedb semiautomatedc automatedd
suppose that ge is trying to prevent maytag from entering the market for high efficiency clothes dryers. even though
Which of the following best illustrates the law of diminishing marginal utility?
write the estimated demand function (with only P as the independent variable), inverse demand function, and marginal revenue (MR) function.
What is a country with a positive net investment? What is a country with a negative net investment? What makes them positive or negative?
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