Use the information below, Choose the most appropriate alternative answer to the questions below and give...
Use the information below, Choose the most appropriate alternative answer to the questions below and give the reason By knowing the following production functions, Q = f (L) = 800L + 200 L2 - 0.02 L3, where Q = ouput in units and L = labor employed. This function The company operates rationally (a) The company must employ no less than 5000 L units and no more than 6668.7 (b) The company must employ fewer than 5,000 L units (c) The company must employ less than 6668.7 L units (d) The company cannot operate rationally with the production function like this.
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Use the information below, Choose the most appropriate
alternative answer to the questions below and give...
Only question b and f need aid Question B1 Where x is an output produced using...
Only question b and f need aid
Question B1 Where x is an output produced using inputs labour (l) and capital (k) a) Do the following production functions exhibit decreasing, constant, or increasing returns to scale? Explain your answers (2 marks each) - x = 5070.3k0.3 x = 2020.45 k0.55 x = 570.610k0.6 Suppose our price-taking and wage-taking firm can produce a single output x using inputs labour (l) and capital (k) according to the production function: x = f(1,k)...
QUESTION 1 Use the following information to answer questions (1)-(5). Consider a two identical oligopolists facing...
QUESTION 1 Use the following information to answer questions (1)-(5). Consider a two identical oligopolists facing a market demand corresponding to the equation: P=$160-0.5*Q, where P is the price level and Q is the total supply to the market. The production function of the technology used by each identical olipolist operates according to: q=42+12+ln(w), where w is the unit of labor employed and q the level of production. The total cost of production follows equation: TC=q+q%. The following table summarizes...
Answer questions 17-19 below using the following information: A firm is producing in the short-run (with...
Answer questions 17-19 below using the following information: A firm is producing in the short-run (with K fixed at 10 units) according to the following production function: F(L) = Q =10L -0.25L^2 . You also know that w=$15, r=$20 and the firm can sell its product for P=$7.50. 17. To minimize costs how much labor should the firm hire in the short run? a. L=16 b. L=30 c. L=20 d. None is correct 18. How much output Q is produced?...
1. a) The government is contemplating introducing one of two alternative taxes: a tax on commodity...
1. a) The government is contemplating introducing one of two alternative taxes: a tax on commodity x (that would double the price of x, expressed in terms of the numeraire good, y) and a lump sum tax. Assume that the government knows the preferences (i.e., the indifference mapy of a representative taxpayer and his/her indifference curves have the usual convex shape. Suppose that government could predict how much tax revenue it could raise if it introduced the commodity tax. With...
i need help on this Use the following information to answer Questions (10)-(12) Troy Engines manufactures a varict...
i
need help on this
Use the following information to answer Questions (10)-(12) Troy Engines manufactures a varicty of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors carburetor to Troy Engines for a cost of $32 per unit. To evaluate this offer, Troy Engines has gathered the following information relating to its own cost of producing the carburctor internally: An outside supplier has offered...
1. Use the graph below to answer the questions: 80 70 60 50 40 30 20...
1. Use the graph below to answer the questions: 80 70 60 50 40 30 20 10 State the equation for the demand curve (inverse demand function) shown in the graph above using the format P a-bQi a. b. State the equation for the demand function implied in the graph using the format Q c-dP Find the equation for Total Revenue, where TR is a function of output (Q): c. d. Find the equation for Marginal Revenue, where MR is...
Carefully use the following information to answer below questions! Suppose you are given IS: Y 1250-50r...
Carefully use the following information to answer below questions! Suppose you are given IS: Y 1250-50r and LM: Y 450+30r, a 2.5 M - 700 and P 2, M-(/3)Y+200-10r, nitial equilibrium Y-750, r-10 and . a) Evaluate numerically only the impact of fiscal policy on the income level Y) when government expenditure is increased by S5 billions, under the conditions when: i) Sensitivity of investment demand to the interest rate is 0.001 and 100. Less sensitivity of Investment to the...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Frui...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
Provide the correct answer for the following questions An efficient price system 1. a. lowers marketing...
Provide the correct answer for the following questions An efficient price system 1. a. lowers marketing costs b. transmits consumer preferences to the farm level effectively c. is equivalent to equilibrium pricing d. all of the above 2 product of labour a. increasing; constant b. increasing ; decreasing A production function Q-300 +10K+5L exhibits - returns to scale and - marginal c. constant; constant d. decreasing; constant 3. The marketing functions can a. easily be eliminated b. can only occur...
Part II. Problem-solving questions Consult Figure below to finish blanks in Question 16 and 17. Curve...
Part II. Problem-solving questions Consult Figure below to finish blanks in Question 16 and 17. Curve SS represents a domestic supply curve for some good X; if X is a competitive industry, then SS represents the horizontal sum of the marginal cost curves of many firms. Curse DD represents domestic demand for the same good. It is implicitly assumed that consumers do not care where the good was made, they simply want to buy the indicated quantities at the indicated...
Only question b and f need aid
Question B1 Where x is an output produced using inputs labour (l) and capital (k) a) Do the following production functions exhibit decreasing, constant, or increasing returns to scale? Explain your answers (2 marks each) - x = 5070.3k0.3 x = 2020.45 k0.55 x = 570.610k0.6 Suppose our price-taking and wage-taking firm can produce a single output x using inputs labour (l) and capital (k) according to the production function: x = f(1,k)...
QUESTION 1 Use the following information to answer questions (1)-(5). Consider a two identical oligopolists facing a market demand corresponding to the equation: P=$160-0.5*Q, where P is the price level and Q is the total supply to the market. The production function of the technology used by each identical olipolist operates according to: q=42+12+ln(w), where w is the unit of labor employed and q the level of production. The total cost of production follows equation: TC=q+q%. The following table summarizes...
1. a) The government is contemplating introducing one of two alternative taxes: a tax on commodity x (that would double the price of x, expressed in terms of the numeraire good, y) and a lump sum tax. Assume that the government knows the preferences (i.e., the indifference mapy of a representative taxpayer and his/her indifference curves have the usual convex shape. Suppose that government could predict how much tax revenue it could raise if it introduced the commodity tax. With...
i
need help on this
Use the following information to answer Questions (10)-(12) Troy Engines manufactures a varicty of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors carburetor to Troy Engines for a cost of $32 per unit. To evaluate this offer, Troy Engines has gathered the following information relating to its own cost of producing the carburctor internally: An outside supplier has offered...
1. Use the graph below to answer the questions: 80 70 60 50 40 30 20 10 State the equation for the demand curve (inverse demand function) shown in the graph above using the format P a-bQi a. b. State the equation for the demand function implied in the graph using the format Q c-dP Find the equation for Total Revenue, where TR is a function of output (Q): c. d. Find the equation for Marginal Revenue, where MR is...
Carefully use the following information to answer below questions! Suppose you are given IS: Y 1250-50r and LM: Y 450+30r, a 2.5 M - 700 and P 2, M-(/3)Y+200-10r, nitial equilibrium Y-750, r-10 and . a) Evaluate numerically only the impact of fiscal policy on the income level Y) when government expenditure is increased by S5 billions, under the conditions when: i) Sensitivity of investment demand to the interest rate is 0.001 and 100. Less sensitivity of Investment to the...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
Provide the correct answer for the following questions An efficient price system 1. a. lowers marketing costs b. transmits consumer preferences to the farm level effectively c. is equivalent to equilibrium pricing d. all of the above 2 product of labour a. increasing; constant b. increasing ; decreasing A production function Q-300 +10K+5L exhibits - returns to scale and - marginal c. constant; constant d. decreasing; constant 3. The marketing functions can a. easily be eliminated b. can only occur...
Part II. Problem-solving questions Consult Figure below to finish blanks in Question 16 and 17. Curve SS represents a domestic supply curve for some good X; if X is a competitive industry, then SS represents the horizontal sum of the marginal cost curves of many firms. Curse DD represents domestic demand for the same good. It is implicitly assumed that consumers do not care where the good was made, they simply want to buy the indicated quantities at the indicated...
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