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A firm has production function f(K; L) = squarerootKL. In the short run, the rm has capital K = 400; this cannot be changed in the near future. The cost of a unit of capital is $20, while the cost of a unit of labor is $30.a. In the short-run, where capital is xed at K = 400, how much labor does the rm need to employ in order to produce q = 300 output? What is the cost of producing 300 output?b. Repeat part a for q = 400, q = 500 and q = 600.c. What is the cost of producing q output in the short-run?d. What is the marginal cost of producing a 301s unit? A 401st unit? If you are comfortable doing so, you may answer this question by writing down the marginal cost function directly, rather than recalculating total cost for q = 301 and q = 401.e. Given your answer to part c, draw a graph with the rm's average total cost, average variable cost, and marginal cost (hint: MC = Q(3/20) )
The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
The sales information for the Lonestar Sports Apparel Corporation for the last 12 years as follows:
The initial price of a cup of coffee at a local gas station on is $1, and at that price, 400 cups are demanded each day. If the price falls to $0.90 a cup, the quantity demanded will increase to 500 cups a day.
Plot the level and first difference of lnrgdpaus and briefly comment on the graphs and obtain the sample correlograms of the level and first difference of lnrgdpaus for 20 lags. What do they suggest to you?
Following is a multiple regression in which dependent variable is market value of houses and independent variables are the age of the house and square footage of the house.
Examine and interpret information trends over the most recent 3-year period to evaluate the economy and Canada's current economic status.
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
Choose two firms from different industrial sectors, e.g. high tech computers, health, customer non durables, cyclical etc.
Explain how the Federal Reserve policy makers effect interest rates. Describe the difference between expansionary and contractionary rules.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). a. Derive his demand functions for x and..
Estimate the regression equation of wage on educ. Write down formally the regression equation with standard errors underneath within parenthesis.
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