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Suppose that your co?ee shop has the production function
Q = b^(1/2)m^(1/3)
where b is the amount of co?ee beans used and m is the amount of milk used.5. What is the co?ee shop’s marginal product of beans?
1. What is the co?ee shop’s marginal product of milk?
2. What is the co?ee shop’s marginal rate of technical substitution? If the co?ee shop is currentlyusing one unit of beans and one unit of milk, explain what the marginal rate of technicalsubstitution means.
One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and business through the resource market and the market for goods and services. Iden..
Snow peak Ski Resort offers a price for a lift ticket that is barely over its marginal cost, but the high equipment rental fee keeps generating big profits. Which pricing strategy is the management using?
How to show effects on consumer/producer surplus by opening up to trade?
Explain what Bounded Rationality is. Then discuss how this concept can affect the decision situation in SLP 1 - Also discuss how this concept can affect the data analysis in Case 1.
The federal government calculates the budget on a fiscal year that begins each year on October 1 and ends the following September 30. At the beginning of the 2005 fiscal year, the Congressional Budget Office [CBO] forecast that the federal budget def..
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue. Taxes cause deadweight losses because they prevent buyers..
Which of the following statements is true about performing a manufacturing activity in several locations at once? A manufacturing activity must be performed at multiple locations when the fixed costs of setting up a production plant are high. Perform..
Behavioral economists believe that people:
Your firm is in a major industrialized state, which has a state corporate tax rate of 9.5% of taxable income. If your firm has a gross income of $500,000, operating expenses of $275,000, and depreciation charges of $75,000: a) What is the taxable inc..
Explain how might you make profits by purchases or sales of bonds now,with the intention to sell in a few months' time.
Using the appropriate graph, carefully describe why utility maximizing households would most likely chose to have fewer children as their income grows.
Is conspicuous consumption for real or just a rational response to higher income? How does this effect the consumption curve and aggregate expenditures model? What is the relationship with GDP?
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