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1. (12) A firm's production function is qi = .2*Ki.2Li.4. The wage rate in this area is w = $15, and the cost of capital is r = .05. a. Find the firm's short run cost function, if Ki is fixed at $100,000. b. If the good is exported around the world at a price of $100, what is the firm's optimal output, and what is its profit or loss? (We would describe this as "perfectly elastic demand" for this good) c. Now suppose that the price is not known. Derive the firm's short run supply function qi (P). (hint, follow the same steps as in b, but replace the $100 value with the variable, P) d. Now imagine that time passes, such that Ki can be adjusted to reflect market conditions. What is the firm's long run cost function? What is its long run supply function? How much would it produce if P=$100? What would be its profit or loss?
2. (12) Repeat question 1, but assume the firm's production function was qi = .2Ki.6Li.4. If there are any parts to questions a-d that you cannot answer, explain why.
Describe key areas of the selected company's code of conduct that are of significant importance to the business, and explain why - Explain the key steps that the company should take to ensure that employees follow the code of conduct.
If instead she travels to Florida the trip will give her 8,000 units of utility and will cost her only $200. Joan will do best going to?
Recent survey of high school students, it was found that the average amount of money spent on entertainment each week. Values are representative of all high school students.
Profits for Firm 1 have risen from $256 to $288, while profits of Firm 2 have declined sharply from $256 to $144. B. How much will each firm produce and what will its profit be.
The short-run Phillips curve illustrates ________ relationship between the unemployment rate and the inflation rate.
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In the foreign exchange market, the quantity U.S. dollars demanded is a function of:
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The expansion will cost $60 million and will be financed with $40 million in new debt initially with a constant debt equity ratio maintained thereafter.
Draw the MC cure for Guns in terms of the production of butter. If the economy produces 3000 guns per day, how much butter can it produce per day.
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Given that parking and attendance at ballgames are complements (in consumption). Explain why a rise in parking fees may adversely affect game attendance.
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