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Suppose the firm has a production function of the form f(k,l,m)=(klm)^1/4 and faces input prices (1,2,8) for (k,l,m) respectively.
a) What is the firm's cost function? What is their supply function? How much capital k does the firm use to produce q=4?
b) Now suppose that the firm's capital is fixed at k=16? What is the firm's short-run average cost function?
c) What is the short-run cost function when k=40?
Iggy only consumes two goods: coffee and cigarettes. Three cigarettes can be traded for one cup of coffee in a free market, or one cup coffee can be traded for three cigarettes. Iggy initially has 12 cigarettes and 5 cups of coffees. Find an equation..
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Suppose the logging industry forms a union that requires longer apprenticeships and charges high fees to its members. Discuss the reasons why loggers might place these stipulations on union members. What are the loggers hoping to achieve?
Consider a 2 × 2 two-player zero-sum game in which the possible outcomes for Player 1 are win (payoff = 1) or lose (payoff = -1). The win probabilities corresponding to each of the four action pairs are UL : 1/3 UR : 2/3 DL : 3/4 DR : 1/4 a) (2 point..
q.consider total cost and total revenue given in the table belowquantity 0 1 2 3 4 5 6 7total cost 8 9 10 11 13 19 27
q1. portland and aleland are two identical countries. beer manufacturers in each country compete under monopolistic
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The risk-free rate of return is 3.5 percent. Illustrate what is the current value of one call option on this stock if the exercise price is $40.
In jury selection, one cannot exclude potential jurors on the basis of race or other discriminatory criteria. One question is if this prohibition against discrimination should extend to potential jurors that have physical or mental disabilities. How ..
Illustrate what is level of utility the person will attain on a daily basis. Illustrate what will be the average level of utility attained per day during the year.
Explain the origin of the Human Development Index. Explain the method of calculating Human Development Index.
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