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suppose that gloucester old banks customers can complete their transactions at a tellers window involving labor or at
baldor inc measures the marginal rate of technical substitution mrts at mplmpk 3 the prices of labor and capital faced
1 catalina films produces video shorts using digital editing equipment k and editors l the firm has the production
jenny is considering starting a new business selling organic groceries it would cost her 350000 a year to rent store
suppose that the production function for ipods is q 20 k05l05 the marginal product of labor is 10kl 05 and the
mad maxs road warriors fix potholes in interstate highways maxs road crews fill potholes using workers and shovels in 1
for the following production functionsbull find the marginal product of each inputbull determine whether the production
a more general form of the cobb-douglas production function is given bywhere a alpha and beta are positive constantsa
1 what is the difference between a firms accounting and economic costs how do these costs relate to a firms accounting
1 provide some examples of unavoidable fixed costs how are these related to sunk costs describe why a firm should not
1 name the three measures that examine a firms per-unit cost at a given level of output2 why does a firms fixed cost
1 describe the conditions under which a firm has economies of scale diseconomies of scale and constant economies of
a firm has a production function given by q 10k025l025 suppose that each unit of capital costs r and each unit of
1 economists categorize an industry by three criteria the number of firms in the industry the type of product sold and
1 what is a perfectly competitive firms short-run supply curve2 how do we use firms short-run supply curves to create
1 perfectly competitive industries have free entry and exit in the long run when will firms decide to enter an industry
nancy sells beeswax in a perfectly competitive market for 50 per pound nancys fixed costs are 15 and nancy is capable
suppose a firm has the following production function q 2kl the marginal product of capital for this production
mikes bicycle factory builds specialty bicycles with the following long-run cost function tc 25 q3 plot mikes atc and
hacks berries faces a short-run total cost of production given by tc q3 - 12q2 100q 1000a what is the level of hacks
consider the following graph which depicts the cost curves of a perfectly competitive seller of potatoes potatoes
1 when does a firm have market power2 name and describe three barriers to entry to a market3 what are the
1 describe the connection between the slope of the demand curve for a good and a firms marginal revenue2 what is the
suppose that the demand for bentonite is given by q 40 - 05p where q is in tons of bentonite per day and p is the
a monopolistic seller of fairy dust faces the following inverse demand curve p 100 - q where q is smidgens of fairy