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A firm's production function is qi = 2Li + 10Ki. Assume both variables can be adjusted, even in the short run (for instance, making an item by hand versus using a machine to do so). a. What is the firm's cost function, if w=$15, and r = $100? b. What is the firm's cost function, if w = $25 and r = $100? c. How could we write the results of a and b above in a more general way, with w and r expressed as variables? (Hint use "min") d. Now suppose the output price is $8. If the input prices from part a are in effect, what is the profit maximizing quantity? If instead, the input prices from part b are in effect, what is the profit maximizing quantity?
If the cost of rare earth (a resource for producing smartphones) increases, then supply for Samsung smartphones will _____, and quantity will _____.
Illustrate what is the constant term if the equation for the demand curve is written in the form.
Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.
What is the monthly interest rate? How much will Susan pay each month for 45 months? What effective interest rate is being charged?
One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move.
Use the midpoint method to Compute your cost elasticity of demand as the cost of DVD's
q1. explain the effects of the increase in global demand for cell phones on the market for cell phones and on an
assume yn 11600 t0.2 and g 2610.a calculate the amount of taxes at natural real gdp.b clarify why there is a natural
Find out his utility maximizing H and L. Assume he is not eligible for welfare. Now assume he is eligible for welfare. Does he take welfare or work.
q. consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit
q.assume that you live in a simple economy in which only three goods are produced and traded fish fruit and meat.
Consider the types of non-tariff trade barriers and determine which has the most detrimental effect on the U.S. economy from the standpoint of the domestic consumer. Explain your rationale and support it with specific examples.
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