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Suppose a firm's short-run production function is given by Q = F(L) = 10L. L stands for number of workers. If the wage rate is $15 and the firm has sunk costs of $1000 what is the firm’s total cost function? Total cost should be a function of Q.
Business Economics, Economics
How might profit maximization lead to higher demand for female workers and result in female workers earning higher wages than male workers in the same firm?
A research group needs to determine a 90% confidence interval for the mean repair cost for all car insurance small claims. From past research, it is known that the standard deviation of such claims amounts to $124.88. (a ...
Suppose demand is given by the equation: QD = 80/P Using the midpoint method, what is the price elasticity of demand between $2 and $4?
In a random sample of 100 college student 60 were females, 65 were under 21 years of age and 15 males were 21 years of age or older, a student is selected at random from the sample. What is the probability that a female ...
Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium?
A sample of 1,000 U.S. households is taken and the average amount of newspaper garbage or recycling is found to be 27.8 pounds with a standard deviation of 2 pounds. Estimate, with 90% confidence, the mean amount of news ...
Suppose the production function for a firm is given by: q=8L +2K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK).
1. A certain compact disc player randomly plays each of 10 songs on a CD. Once a song is played, it is not repeated until all the songs on the CD have been played. In how many different ways can the CD player play the 10 ...
A mood questionnaire has been established so that the scores form a normal distribution with μ = 50 and σ = 15. A psychologist would like to use this test to examine how the environment affects mood. A sample of N = 25 i ...
Consider the labor market of the telecom industry is originally at an equilibrium level E0 and w0. Assume that now the companies offer each employee an iPhone as employment benefit every year. The firms can get iPhone at ...
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