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A firm uses capital and labor to produce output according to the production function q = 4pKL, for which MPL = 2 p K=L and MPK = 2 p L=K.
a. If the wage w = $4 and the rental rate of capital r = $1, what is the least expensive way to produce 16 units of output?
b. What is the minimum cost of producing 16 units?
c. Show that for any level of output q, the minimum cost of producing q is $q.
d. Explain how a 10% wage tax would a¤ect the way in which the firm chooses to produce any given amount of output 2.
There is a single difference: we've changed the exponent on At in the production function of the output good so that there is now a diminishing marginal product to ideas in that sector. 1. Provide an economic interpretation for each equation.
The income tax system in a country requires each citizen to pay 10% of income on earnings up to $40,000, and then pay 20% on any earnings over $40,000. If an individual has an income of $92350, then what is his average tax rate, in percentage term..
Suppose the world population today is 7 billion, and suppose this population grows at a constant rate of 3% per year from now on. (This rate is almost certainly much faster than the future population growth rate)
Write down the firms problem in the long-run. Note the price for capital and labor are respectively, r and w. (Normalize the price of output to be 1 so that w and r are in real terms). (b) Does this production function depict constant return to sca..
The diesel-powered generator with a cost of $60,000 is expected to have a useful operating life of 50,000 hours. The expected salvage value of the generator is $8,000. In its first year, the generator was operated for 5,000 hours.
The kinked demand curve in a duopoly market is defined by two equations P1 = 10.0.75 * Q P2 = 16-2 * Q Determine the price and quantity at the kink of demand curve Using the equation provide calculate and draw the MR curve
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Although all appliances are given a unique serial number when manufactured, until this year Armonco had no capability of determining how often any appliance was brought to an authorized service facility.
Derive the rm's marginal product of labor curve. Derive the rm's average product of labor curve. If the rm has an output quota of 5,120 widgets, how many laborers must it employ in the short-run to achieve this level of production?
A high-tech stock has the following potentials of either going up or down in next twelve months based on investment analysis of several stockbrokers.Potential Associated Increase Probability /DecreasePercentage as a young enterprising engineer, are..
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