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Suppose a firm has the following total cost function TC = 100 + 2q2. If price equals $20, what is the firm's profit-maximizing output? What are its short-run profits?
Given the information above solve for the equilibrium output
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Your cousin Jeremy has asked you to bankroll his proposed business painting houses in the summer. He plans to operate the business for 5 years to pay his way through college.
You should be able to construct an example from this. The second example is even easier. What happens if B1 and B2 are perfectly positively correlated and B2 always exceeds B1?
Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)
The aggregate production function in country A is given by Y = √(K · L), where (Y) is real GDPor output, (L) is labor, and (K) is capital. In Country A the capital stock is constant at K = 81. Given this information and holding everything else cons..
Write the estimated equation for marginal revenue - Write Domino's estimated AVC equation and write Domino's estimated TVC equation.
A manufacturer produces six products from six inputs. Each product requires different combinations and amounts of inputs. The following table shows the profit and raw materials requirements for each product. The last column shows the total amounts..
Deficit spending for education and scientific research may impose less of a tax burden on future generations than deficit - financed increases in transfer payments. Do you agree or disagree? Explain your answer.
The firm sells its product at $100 in a competitive market and can hire labor at a constant rate of wage of $50 per unit of time. Capital is fixed at 8,000 units. Determine the profit maximizing quantity of labor (L).
2. Q=L1/2+K1/2+M1/2. For this production function, the marginal products of labor, capital, and materials are MPL =1/(2 L1/2), MPK =1/(2/K1/2), and MPM= 1/(2M1/2). Suppose that the input prices of labor, capital, and materials are w=1, r=1, and m=1, ..
Suppose the consumption function is c = $400 billion + 0.8y and the government wants to stimulate the economy. By how much will aggeregate demand at current prices shift initially (before multiplier effects) with A $50 billion increase in governm..
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