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Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $2 and the price of soybean feed is $6, what is the cost minimizing combination of producing P = 200?
a. C = 100
b. S = 40
c. C = 50, S = 20
Tom gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 112 hours. His wage is $20. His utility function is U(C,L) = C^3/4*L^1/4. Tom receives 640 each week from her great-grandmother. What is the mar..
Compute how many acres, hectares each person wold occupy if all U.S. residents.
Explain how would we measure the cost of the project to determine whether it is worth undertaking.
Compute equilbribrium outcome for a firm that has ten workers, one of who is the owner who manages the firm. The firm's net income(net of the cost of materials, etc) is always five times the total amount of effort contributed.
By increasing the money supply, the Federal Reserve can lower interest rates. This has a broad impact on the economy as mortgages, business loans, etc. can be obtained less expensively. Evaluate this view of the cause of recessions. Do you agree or d..
Consider an oligopolistic market with two firms. Each of them produces using a cost function then what is the value of that maximizes total consumer well-being?
The American Library Association (ALA) has a code of ethics that is "expressed in broad statements to guide ethical decision making. These statements provide a framework; they cannot and do not dictate conducts to cover particular situations." From w..
following weekly demand and short-run cost functions:VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
q1. what are the three most important factors driving economic growth? explain briefly using an appropriate example.q2.
Comment on this trade-off between equity and growth. Explain how would you go about resolving the issue if you were the president of a small, poor country.
When economists speak of "marginal," they mean. Managers undertake an investment only if. A manager of a clothing firm is deciding whether to add another factory in addition to one already in production. The manager would compare. If a firm's average..
Suppose a duopoly and let demand be specified by P=A-BQ. In accumulation both firms have same marginal cost c. Interaction between the two firms will be frequent infinite.
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