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Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the firm's MPL is 10 while its MPK is 5. a. Write the firm's isocost equation. What is the slope of the isocost? b. Determine if the firm's mix of inputs is optimal. Explain. c. If your answer to "b" is no, what should the firm do to improve its performance? Explain. d. Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
Explain the advantages of specialization and trade in international economics. Explain how economic growth and international trade increase possibilities.
Which of the following is a characteristic of economies of scale?
The short-run and long-run effects of this change for the levels of per-capita output, and the growth rates of (total) output and per-capita output.
You are a management consultant for a 30-year old partner in a large law firm. In a meeting, your client says: “According to an article in the New York Times, 57 percent of large law firms have a mandatory retirement age for partners in the firm.
A particular market structure has the following characteristics: the cross-price elasticity of the goods bought and sold in this market is +3.0, firms must lower price to sell more, and there is relatively easy entry into this market.
illustrate what is the profit maximizing quantity that should be offered to Group B
Land is purchased for $75,000. It is agreed for the land to be paid for over a 5 year period with annual payments and using 12% annual compound interest rate. Each payment is to be $3000 more than the previous payment. Determine the size of the last ..
In many developing countries, government regulations and red tape impose high costs on those who officially register capital ownership. The dead capital problem that these government inefficiencies create reduces investment and growth.
Suppose a public referendum is being held on whether or not to levy a tax on cigarettes. Currently, the supply of cigarettes is given by Qs = -120 + 28P. You estimate the demand for cigarettes to be Qd = 200 - 4P. What is the price elasticity of dema..
q1. write a 1050- to 1250-word report in apa format advising the president of rodamia making recommendations for
Explain your intuition as to why premia rise between April and September. Which of options above has lowest time value.
Give two different causes of how an economy can experience stagflation. explain in words why rising prices decrease the multiplier effect of a shift in the aggregate demand curve. Think about the impact of an upward sloping aggregate supply curve and..
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