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A firm uses labor and capital to produce output according to the production function q= 100KL, where L is the number of units of labor used and K is the number of machines. Suppose the price of capital is $120 per day and the price of labor $30 per day. What is the marginal product of labor and capital? Find the marginal rate of technical substitution. What is the slope of isocost line? Tangency condition? What is the minimum cost of producing 1000 units of output?
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
Apply the aggregate demand/aggregate supply framework to predict how the chained CPI could potentially impact the economy in the short-run. Evaluate the long-run impacts of the change.
q1. briefly discuss the similarities and differences between producer equilibrium and consumer equilibrium.q2. assume
Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like hot tubs in every room, filet mignon or lobster on the menu, and afternoon teas for th..
Many people believe that using plant-derived fuels or biofuels to power combustion engines is a relatively new and innovative concept.
Assuming which the price elasticity of demand for U.S. exports equals 0.40 and the price elasticity of demand for U.S. imports equals 0.20.
You find that the car requires repairs of 1,200 dollars in order to get it to run. Once it is repaired, it will definitely not break down again. Assuming that the car is worth 3,500 dollars after repairs, should you get it fixed.
Illustrate what are the opportunity costs of producing X and Y for Leah and Tim; and if specialization is possible, which good should Leah specialize in? and How about Tim.
Explain which intellectual property appears the most difficult for a business owner to protect. Provide support for your answer.
Illustrate how do these two relate to each other in the Circular Flow Economy and to the Government and Foreign Sector components? How does all this fit on a Wheel of Income.
Jet Blue Corporation continuously offers fare discounts to attract customers awareness about the company, increase market share and increase revenues on the routes in the USA market.
q1. mexico does not have an absolute advantage in producing sugar over all of the other sugar producing countries. does
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