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A widget manufacturer has an infinitely substitutable production function of the form: q=4k+3L A.) Graph the isoquant maps for q=24, q=48, and q=60. What is the RTS along these isoquants? (B.) If the wage rate (W) is $1 and the rental rate on capital (R) is $1, what cost- minimizing combination of K and L will the manufacturer employ for the three different levels in part A? What is the manufacturers expansion path?(C) How would your answer to part (B) change if r rose to $2 with w remaining at $1?
In perfect competition if firms produce where P=MC they ensure ________ because the social benefits of production as measured by the price that people are willing to pay, are in balance with the ________ to society of that production.
Briefly analyze in terms of supply and demand the effects upon the given market of the following events. Are these changes a shift in the demand curve, a shift in the supply curve, a movement along the demand curve, or a movement along the supply cur..
Research the two major study designs–cohort and case-control–used in health care research. Find a research article on any topic in health care. Which study design has been used for research? What is your learning from the chosen article and its study..
An indifference curve involving two goods identifies the:
Suppose that velocity and output are constant and that the quantity theory and Fischer effect are both correct. If the nominal interest rate is 8 percent and inflation is 3 percent, what is the money supply growth rate or the real interest rate? a)th..
Assume that two firms sell differentiated products and face the following demand curves: q1 = 15 − p1 + 0.5 p2 and q2= 15 − p2 + 0.5p1 (assume marginal cost is zero) Derive the best response function for each firm. Do these indicate that prices are s..
On the three issues that economics suggests are worth discussing or consideration when seeking an efficient allocation. Discuss these against the backdrop of the ensuing principles or themes that emanate from them as well as how these relate to the s..
A pork-processing facility is considering installing either a storage facility or a holding pond. A biosystems engineer has been hired to evaluate the economic trade-offs for the two alternatives. Determine which alternative is preferred for lives ra..
A local utility finds that when the price of natural gas (dollars per mcf) is 3.52 the average household uses 4.17 mcf. Further, when the price is 4.65 an average household uses 3.65 mcf. Calculate the slope of a linear function that describes this r..
The primary difference(s) between the standard deviation and the coefficient of variation as measures of risk are: the coefficient of variation is easier to compute
What is the current requirement of the law in the US in terms of the payroll tax levied on firms and workers? Based on our discussion in the previous chapters, what are the empirical estimates of the elasticity of labor supply and labor demand?
After two quaters of increasing levels of production, the CEO of Canadian Fabrication and Design was upset to learn that, during this time of expansion, productivity of the newly hired sheet metal workers declined with each new worker hired. Explain ..
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