Discuss what is their short-run cost function
Assume Naomi and Noah's short-run weekly production function for garden benches is F(L)=0.4L. Where L represents the number of hours of labor employed. The wage rate is $10 an hour. Discuss what is their short-run cost function?
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In the population, the average score upon a test of self-esteem is 50 ( st.dev.= 5). You select one sample of 25 students who score a mean of 53.
If Ms. Popovich's estimated hourly wage is $100, determine how many hours would Ms. Popovich work? Calculate how many hours would Ms. Popovich spend for leisure?
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