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If a firm's output is produced according to Q = 4LK, the priceof K is $10, and the price of L is $40, what is the cost-minimising combination of K and L capable of producing 64 units of output? The cost-minimising quantity of K is? The cost-minimising quantity of Lis?
In the 1990s, five firms supplied amateur color film in the United States: Kodak, Fuji, Konica, Agfa, and 3M. From a technical viewpoint, there was little difference in the quality of color film produced by these firms, yet Kodak's market share wa..
What is the cost to a firm in an oligopoly that fails to take rivals’ actions into account? Suppose the firm operates along demand curve D1, shown below, as if no firms will follow its lead in price cuts or price rises. In fact, however, other firms ..
Show the first and second order condition for profit maximization. Illustrate what is the price elasticity of demand faced by this monopolist.
You are given two points on a straight line: (X, Y) = (10, 10) and (-10, -20). You are told this line shifts to the right by 20 units (i.e., the shift is a parallel shift and at any given price consumers now demand 20 more units than they did init..
1) What is gross domestic product (GDP)? 2) What is considered a healthy growth rate? 3) What does the current growth rate mean for the U.S. economy?
Private entrepreneurs are likely to make better investment decisions than central planners because
Illustrate what kinds of changes in underlying conditions can cause the supply and demand curves to shift
Compare and contrast the behaviour of the indicators for the United States with those for the Australian economy.
In creating your response, consider the following questions: What type of business decision would you make? How would you determine the marginal benefit and marginal cost of the decision? To what extent would you factor the opportunity cost of you..
If older workers have a tax elasticity of labor supply equal to 0.20, by how much will their work activity decline when they reach the Social Security earnings test limit? (Recall that the Social Security earnings test limit is 50 percent. Assum..
For each of the following situations, determine whether the money supply will increase, decrease or stay the same. i. Depositors become concerned about the safety of depository institutions ii. The Fed lowers the required reserve ratio
Suppose Congress passes and the President signs a bill raising the federal minimum wage by $1.00 per hour from $7.25 to $8.25. As a result of this increase, a local retailer reduces its hiring of minimum wage employees by 10%.
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