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Derive the second order partial derivatives fKK, fLL, and use their signs to explain whether the Law of Diminishing Returns prevails in the use of capital and labor.
Total costs equal 60Q (MC = $60/unit) for each firm. For each firm determine the equilibrium price, output, and profit for the following models: Shared Monopoly.
When does the law of diminishing marginal utility set in and what does this illustrate about where you should stop consuming if you were eating at an all you can eat buffet?
Revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides? What were taxicab drivers assuming about the elasticity of demand?
In response, she has proposed legislation that would award each existing firm 20 percent of a contract for 270 units at a contracted price of $60 per unit. Would you support or oppose this legislati
Ignoring antitrust considerations, would it be profitable for your firm to merge with Fiberboard? If not explain why not; if so, put together an offer that would permit you to profitably complete th
what is Gillette's advertising elasticity? Is Gillette's demand more or less responsive to advertising than other firms in its peer group?
Interpret the meaning of David Blake's demand estimate ranging from .65 to 1.53. Explain the significance of demand elasticity in taking business decision.
What should be Sony's approach to pricing? What difference will it make to Sony pricing if customes have now become dissimilar?
Demand for discount tickets is unlimited, while demand for full-fare tickets is evenly distributed between 11 and 30 seats. How many seats should be protected for full-fare passengers?
What do you think the purchase price should be if you were to acquire the firm? Document why you arrived at that valuation.
Where P and P are the prices charged and Q and Q are the quantities sold in the respective markets. Phillips's total cost function for the manufacturers of this product is. Determine Phillips's tota
What do these elasticities mean for optimal prices (fares) on a cross country trip with incremental variable coasts (marginal costs) equal to $120?
What is Clancy's attitude towards risk? That is, is he risk loving, risk averse or risk neutral? State his maximization problem and solve it.
Economist James believes that expectations are very sluggish. Which economist is more likely to favor the proposed change in monetary policy? Why?
The right when we've seen that most, if not all, slope downward? Describe how the investor's curves would appear if she adopts the 50:50 strategy but would not accept any additional return.
How many gallons of gasoline are sold in the market, and at what price? Would your answer differ if Hull had service attendants available to fill consumers' tanks but Inverted V was only a self-serv
Illustrate your analysis graphically in two ways: (1) in an IS-LM-FE framework, and (2) in an aggregate demand-aggregate supple framework.
Write equations for the IS and LM curves. Calculate the full-employment values of output, the real interest rate, the price level, consumption and investment.
By what percentage does the equilibrium price level differ from its initial value if output increases to Y = 106 (and r remains at 0.10)?
The Hunt Company has recently purchased a plant to manufacture a new product. The following data pertain to the new operation: Determine the break-even point in units and in dollars.
Would the following conditions make the ensuing recession more or less severe? Explain. Expectations of inflation adjust quickly to actual inflation.
If adopted, how will this substitution affect the demand for human orange pickers? What does that imply about the relative strengths of the substitution and output effects?
What would be the problems with such taxation for (a) individuals, (b) students, (c) online companies, (d) entrepreneurship/small businesses?
x2(p1, p2, I).If x1(2,5,90) = 20 x2(2,5,90) = 10 and x1(4,10,170) = 15 x2(4,10,170) = 11 can you say anything about how to rank the commodity bundles (20, 10) and (15, 11)?