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Questions
(i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experienced a sharp increase in total revenue. How do you explain this? The demand did not change. You must use a diagram to answer this question.
(ii) 5% decrease in price caused only 1% increase in total revenue. Is demand elastic, inelastic, or unit elastic? Explain.
(iii) Suppose one and only one worker is always required to operate one machine, and together they produce 100 units of output. Let's denote the number of worker by L and the number of Machine by K. What is the production function at this firm?
pest
suppose the production function is given as:X=b0Lb1Kb2,where b0=level of technology find marginal product of factors(MPL0and MPK) find factor intensity
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A monopolist faces the inverse demand for its output: p = 30 – Q The monopolist also has a constant marginal and average cost of $4/unit. The government is seeking ways to collect
P=140-4Q mc1=20+30q for plant 1 mc2=80+10q for plant 2 how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly?
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THERE IS PRESSURE ON THE CENTRAL BANK TO INCREASE MONEY SUPPLY WHAT WOULD BE THE EFFECT ON THE MACROECONOMIC VARIABLE
Accounting profit equals revenue minus all explicit costs, and economic. One profit is defined it should not be difficult to measure the profit of a firm for a given period. But tw
What is indifference curve and its properties?
Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration
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