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Suppose a firm's production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL = , and MPK = . a) Suppose the price of labor is w = 25, and the price of capital is r = 4. Derive the firm's total cost function. b) What is the firm's marginal cost? c) For this problem, you will sketch the graph of the firm's isoquant for Q = 10 units of output, and on the same graph sketch the firm's isocost line associated with the total cost of producing Q = 10 units of output. To get this total cost, you must use the Total Cost function from part a). Please scale your graph up to 100 units of Labor on the horizontal axis, and 100 units of Capital on the vertical axis (do not go above 100 units on either axis). For the isocost line, clearly identify the vertical and horizontal intercepts. For the isoquant, clearly identify 4 combinations of Labor and Capital that will produce Q = 10 (including the bundle that minimizes the firm's cost of production). Make sure your graph is neatly and accurately drawn and carefully labeled.
Write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea (village) of a developing country of your choice.
17. assume a certain firm in a competitive market is producing q 1000 units of output. at q 1000 the firms marginal
in as much as sovereign wealth funds swfs are established to achieve national objectives the intentions of the united
your son is graduating from high school and is about to enter the work force. he has developed a strong curiosity about
the as curve does not describe the same kind of relationship between price and quantity as a microeconomic supply
W(sub)a= 1/a1(Y1)+1/a2(Y2)+1/a3(Y3)+1/a4(Y4) where a(i) are the constants. a) What restriction on the ai is needed for Wa to be an unbiased estimator of mu? b) Find the variance of Wa.
A user has the utility function U(x1,x2)=min{x1,2x2}, and his endowment is W=(0,12)
In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages.
All other factors held constant, what would be the effect on the demand for money (M1) of each of the following situations. Explain the rationale behind your responses.
Scottsdale Print Shop expects to have an annual taxable income of $300,000 from its regular business over the next two years. The company is also considering the proposed acquisition of a new printing machine to expand current business to offer in..
Tetrangle Manufacturing has fixed costs of $2,160 per day. The firm manufactures bicycle component upgrade kits. What is the breakeven level of daily output for the firm?
A prime minister of an emerging country once bragged that he was going to make his country self-sufficient and independent of foreigners. Do the principles of economics suggest anything about how you as a native of that country might have been aff..
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