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Suppose RCA presses records using two inputs, labor (L) and capital (K). Their production function is Q=(1/4)KL. The price of capital is $16 and the price of labor is $36
a) What is RCA’s long-run total cost function?
b) What is RCA’s long-run average cost function?
c) What is RCA’s output elasticity of total cost?
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
q1. the price of good is 1.20 per unit also annual demand is 800000 units. market research indicates that an increase
A regression analysis between sales (in $1000) and advertising (in $100) resulted in the following least squares line: y = 75 + 6x. This implies that if advertising is $900, then the predicted amount of sales (in dollars) is
An annuity runs for 25 years as follows: at the end of each of the - . first ten years 500 is paid, and then at the end of each of the last 15 years 300 is paid. If i= .08, find the value of this annuity three years before the first payment.
Assume that the government places a 50 percent tax on widgets. Neither the demand for widgets or supply of widgets is perfectly elastic or inelastic. Draw a graph showing how the tax will affect the market.
A driver faces a 5% probability that his car will be in an accident and will be worth nothing. Consider three drivers with cars that have value $30,000. Abdulla's utility function over the value of his car W is u(W) = ln(1 + W). Bedriya's utility ..
In the framework of an oligopoly, what strategy can work like a silent form of cooperation?
Consider a numerical example. Originally, prices were p1 = p2 = 1 and income was 10. In the next year the price of good 1 doubled. The price of good 2 stayed the same. Calculate the CPI income adjustment. Calculate the new optimal bundle. And lastly,..
Write down the profit maximization problem of the representative firm. What is the new short run equilibrium price and production.
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Depends on the costs and revenues above, which should you do. Elucidate and show any relevant calculations.
Compare and contrast the production function for a product and a service. You should base your discussion on specific industry examples (i.e., automobiles or dishwashers or frozen pizzas are examples of products and tax preparation services or legal..
An alternative way for the government to encourage home ownership would be to offer a tax credit instead of a tax deduction. Explain how does this alter its budget if k=0.25.
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