QUESTION 1. The local Hair Cuttery is a beauty parlor / hair cut establishment operating in a monopolisticallycompetitive industry in longrun equilibrium. The manager notes that each day, not all of the chairs inthe establishment are full. One option would be to lower the price of a haircut which bring in morecustomers and lower average […]
QUESTION Licensed to: CengageBrain UserLicensed to: CengageBrain UserThis is an electronic version of the print textbook. Due to electronic rights restrictions,some third party content may be suppressed. Editorial review has deemed that any suppressedcontent does not materially affect the overall learning experience. The publisher reserves the rightto remove content from this title at any time […]
QUESTION Assuming that the person reading this has very little or no previous economic knowledge, I have to address the following:For each production function determine the marginal rate of technical substitution of labour for capital and answer “yes” or “no” for each whether the production function will have a diminishing marginal productivity of labour, of […]
QUESTION Given the figure below of a system in static equilibrium, determine the mass (in kilograms) of the purple ball. The long plank is length, L, and A is 40.0% of L. The weight of the long (uniform) plank is 4.00 N. The downwards force that is being applied at the orange arrow is 15.0 […]
QUESTION A firm’s short-run total cost is TC = and its marginal cost is MC = 7,700 â 200Q + Q2. What is the firm’s shutdown price?A.$45B.$200C.$1,100D.$18 ANSWER: REQUEST HELP FROM A TUTOR
QUESTION Suppose a firm with a production function Q = KL (where MPL = K and MPK = L) is producing 125 units of output by using 5 workers and 25 units of capital. The wage rate (W) per worker is $10 and the rental rate per unit of capital (R) is $2. What happens […]
QUESTION An airplane accelerates down a runway at 3 m/s2for 30 s until is finally lifts off the ground. Determine the distance traveled before takeoff. ANSWER: REQUEST HELP FROM A TUTOR
QUESTION The firm’s long-run total cost is given by and long-run marginal cost is given by LMC = 100 â 20Q + Q2. At what output level does the firm experience economies of scale?A.Q < 175B.Q < 88C.Q < 4,000D.Q < 15 ANSWER: REQUEST HELP FROM A TUTOR
QUESTION In a perfectly competitive market with 2,000 firms, output is zero at prices less than $10. At prices greater than or equal to $10 and less than $20, each firm will produce 100 units of output. At any price greater than or equal to $20, each firm will produce 300 units of output. As […]
QUESTION A firm’s production function is given by Q = KL, where MPL = K and MPK = L. The wage rate (W) = $50 and the rental rate per unit of capital (R) is $12.50. In the short run, capital (K) is fixed at 10 units. The short-run average total cost of producing 100 […]
