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Suppose a firms production function is given by Q= L^1/2 * K^1/2. The marginal product of labor and the marginal product of capital are given by: MPL= K^1/2 /2L^1/2 and MPk= L^1/2/2K^ 1/2.
Suppose honey is produced in a beehive using bees and sugar. Each honey producer uses one beehive which she rents for $30 per month. Producing q gallons of honey in one month requires spending 5q do
if we observe that both the equilibrium price of peanut and the equilibrium quantity of jelly have risen, what could be responsible for this pattern - a fall in the price of peanuts, or a fall in th
Suppose that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output Would an increase in input prices lead to a reduction in
Conduct a VRIO analysis of a successful firm or organization relative to one of its rivals. Contrast the value, rarity, imitability, and organizational aspects of its tangible and intangible resourc
Following a decrease in variable cost that affects both firms, each firm must decide to lower price or to maintain price. If firm A maintains price and B maintains its price, each firm will have pro
where quantity demanded is measured in thousands of tickets per week.Suppose the theater currently charges $6 per ticket, but is consider raising their prices to increase revenue.would you recommend
Suppose you are the manager of Sunglass Hut operating in a competitive market. Your cost of production is given by TC = 100 + Q*Q, where Q is the level of output and TC is the total cost. The margin
what is offshoring of white-collar service jobs and how does that practice relate to international trade Why has it recently increased Why do you think more than half of all the offshored jobs have go
Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place: BALANCE SHEET FOR ECOVILLE INTERNATIONAL BANK ASSETS LIABILITIES Cash $33,000 Deman
A manufacture has been selling 1700 television sets a week at 420dollars each. A market survey indicates that for each 21 -dollarrebate offered to a buyer, the number of sets sold will increase by2
At the profit maximizing outputrate, what are the monopolist's average total cost and averagerevenue At the profit maximizing outputrate, what are the monopolist's total cost and total revenue What is
Using the information from the completed table and the graph to identify the three stages of production and explain why the firm's short run production has only one 'rational' stage of production
Inflation affects creditors and debtors. Suppose the Canadian debtors borrowed $100 from the Canadian creditors on December 31, 1992 and promised to pay back $105 on December 31, 1993. This is equiv
Suppose that an individual with income I cares about two goods, X and Y. The price of the two goods is Px and Py. The individual has the following utility function: U(X,Y) = X(2+Y)
(A)If the production function is AK and the savings rate is the constant rate "S", and the rates of depreciation and population growth are d and n respectively, what would the growth rate of the eco
Studies indicate that the price elasticity of demand for cigarettes is about -0.4.If a pack of cigarettes currently costs $2.0 and the government wants to reduce smoking by 20%, by how much should i
A medical clinic is being ran. Q=KL is the production function. Q is the number of patients treated. K & L are inputs. K = number of nurses, L = number of doctors. Price of K = 1 and the price o
Suppose a firm is producing concrete with the Cobb Douglas production function: c = s0.4g0.6 c = pounds of concrete, s = pounds of cement, g = pounds of gravel it wants to produce 10,000 pounds of con
Even small items like dvds that used to ship for 2 or 3 dollars are now shipping for nearly 7 or 8 bucks. its not about the ebay auctions that work low price into shipping, but a great deal of mains
Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD: Demand: P=1000-10Q Total Revenue: TR=1000Q-10QZ
Assume the only choice variable is x. The total benefit function is B(x) =170x - x2 and the cost function is C(x) = 100 - 10x + 2x2 a) What are the marginal benefit and marginal cost functions
(a) Consider a firm with the following production function. Q = 2*L*L + K*K. The price of capital (K) is $100 and the price of labor (L) is $50. The marginal product of labor is 4L and marginal prod
If the cost function for John's Shoe Repair is C(q) = 100+10q-q^2+(1/3)q^3, what is the firm's marginal cost function What is its profit maximizing condition if the market price is p What is its su
By studying, Will can produce a higher grade, Gw, on an upcoming economics exam. His production function depends on the number of hours he studies marginal analysis problems, A, and the number of ho