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Estimate the Cobb-Douglas production function Q= αL^β 1K_2^β, where Q = output; L=labor input; K =capital input; and α,β_1,and β_2 are the parameters to be estimated.
How would you propose a series of taxes or other revenue measures to address your state's financial crisis? Provide reasoning for your approach.
a. What are variable costs of producing 5 units? b. What is average total cost of producing 3 units? c. What is average fixed cost of producing 4 units?
The cost of her hotel stay is $99 per night and she stays for 2 nights. What is the opportunity cost of Josephine's trip to the wedding? Show your calculations.
Can you explain why they offer the discounts? What can we say is happening to the Demand or Supply curve for prices to come down? What can we say about how consumers react to the lower price?
If the t-statistic to Part A was -1.5, would you rely on this estimate? What is the advertising elasticity of demand?
Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the same percentage). If the cost of working harder is $150,what
Consider each of the following industries and explain why you would OR would not expect it to exhibit large economies of scale. Answer in 2-4 sentences for each industry.
Round the optimal quantity to the nearest hundredth before computing the optimal price, which you should then round to the nearest cent. Note: Non-integer quantities may make sense when each unit of
The company is in a 35% tax bracket. Which system should be selected if they both help produce the same expected profits over the life of the investment?
System A will generate about $10,000 income and system B will generate about $9,000. Each system will be depreciated using straight line depreciation over their respective lives and company is in a
Here is a new and different type of learning curve table. What is the value of n in the equation Zu = Ku^n for this table?
If you solve for an Internal Rate of Return (IRR) using a present worth equation, what value do you set the present worth to in order to solve the equation?
a. Draw the cash flow diagram for this problem. b. Calculate the Present Worth (PW) at 10% interest. c. Calculate the Future Worth (FW) at 10% interest.
Which of the following is true of the typical relationship between marginal product (MP) and average product (AP)?
What is the monopolist's profit maximizing price? Use the markup formula to determine the elasticity of demand at this price.
1) What are the firm's fixed production costs? 2) Draw a graph of total production costs vs. number of widgets. 3) Draw a graph of marginal cost of production vs. number of widgets.
If you were to bundle the computer and monitor together and sell only the bundle, what price should you set to maximize revenue?
Refer to the income statements in (1) above. For both present operations and the proposed new operations, compute (a) the degree of operating leverage, (b) the break-even point in dollars, (c) the m
(a) What is the store's degree of operating leverage? (b) Ms. Hall is confident that with some effort she can increase sales by 20% next year. What would be the expected percentage increase in net
Q1. Compute the amount of overhead cost that would have been applied to each project during May. Q2. Determine the cost of goods manufactured for May.
Your insurance firm processes claims through its newer, larger high-tech facility and its older, smaller low-tech facility. Each month, the high-tech facility handles 10,000 claims, incurs $100,000
Discuss the role of the interest rate and the cost of financing on your purchase decision. Interest rates are derived from the supply and demand for money and the actions of the Federal Reserve Syst
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in table. As they groom more dogs, the opportunity cost o
A. How many people should be employed to maximize profit? B. What will be the firms hourly profit?