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Question: Short run cost functions (11 points). Martin Marvel publishes comic books. The only inputs he needs are superhero character ideas (S) and hours of cartoonists' labor (L). His production function for comic books (Q) is Q(S, L) = 0.1S 1 2L 3 4 Superhero character ideas can be purchased for $1 each and the hourly wage of cartoonists' labor is $2.
(a) Does this production function exhibit increasing, decreasing, or constant returns to scale? 3
(b) Suppose that in the short run Martin is stuck with exactly 100 superhero character ideas (for which he paid $1 each), but is able to hire as much labor as he wishes. What is Martin's short run total cost function as a function of his output, SRT C(Q)?
(c) What is Martin's short run marginal cost function?
(d) What is Martin's short run average total cost function?
Choose four economic indicators (all separate from any others) as presented for the last three to six months. Explain the indicator analysis but also an aggregate description of what the current economic situation is actually doing-is it getting bet..
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Draw the LM-curve if h = 0. What does this mean? What happens to the slope of the LM-curve as h increases? . What does the LM-curve look like if g = 0, that is Y does not affect the demand for money
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Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
1.Give an example of indivisible inputs for your firm. 2.Discuss the characteristics of a perfectly competitivefirm. Does your franchise firm share any of these same traits? Explain.
Question 9 - Net Domestic product is considered to be a better measure of welfare than GDP, since it adjusts for the fact that part of GDP must be devoted to replacing physical capital worn out during the course of the year. If we took this princ..
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Describe what economists mean when they say government purchases are 'exhaustive' expenditures whereas government transfer payments are 'nonexhaustive' expenditures.
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