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A firm is producing 1,000 units of output with 40 units of labor and 30 units of capital. The marginal product of the last units of labor and capital are, respectively, MPL = 69 and MPK = 135. The prices of labor and capital are, respectively, w = 30 and r = 85. What should the firm do in order to minimize the cost of producing 1,000 units of output? Should the firm increase capital and decrease labor or the other way around? When should the firm stop replacing one input for the other? Explain.
according to the midpoint formula, the value of price elasticity of demand for Pepsi-Cola.
Compare the rationale of the Reagan administration for the 1981 tax reductions with the rationale behind the Kennedy-Johnson tax cut of 1964
What are the strength of the neoclassical models of labor supply and labor demand. What are the weakness of the neoclassical models of labor supply and labor demand.
In recent yrs, persons also state governments have sued various tobacco companies to compensate for illness also injury allegedly cause d by cigarette smoking.
Explain how would you extend the above narrative to businesses, society as a whole or nations.
what is the cross-price elasticity of demand between computers and CD-RW's? Are these goods substitutes or complements?
What economic problem might exist for the government to make this fiscal policy change? If the government wanted to achieve the same change in GDP as in part k by cutting taxes instead, how large would the tax cut have to be?
When consumer is provided a $50 gift certificate that is good only at store X, she moves to a new equilibrium at point D. Prices of goods X and Y. Explain how many units of product Y could be purchased at point A.
The other product is K9Grass for consumers who have pet dogs. The addition of these two new synthetic grass products is a way for Forever Lawn to increase its:
An existing company is considering expanding into a new product line that will use the same factory as its existing products.
Suppose that C (q) = 10q + 3,500,000 (for which MC (q) = 10 ). Use Inverse Elasticity Pricing Rule in order to determine profit maximizing price and level of output for this firm. Is this firm able to earn a positive profit.
If in an economy a $120 billion increase in consumption spending creates $120 billion of new income in the first round of the multiplier process.
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