Question 4. (8 Points) Suppose a firm, Vinoil, uses 3 cups of Oil (O) and 1 cup of Vinegar to make one unit of salad dressing. The price of oil is $2 per cup, and the price of Vinegar is $3 per cup. Using a graph, sketch the firm’s isoquant and isocost curves for Q = […]
Question 1. (12 points) Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and that K is fixed at K = 9. If the price of Labor, w = $12 per unit of Labor, what is the firm’s Marginal Cost of production when the firm is producing 48 units of […]
Question Is it possible (theoretically) for every country to have a current account surplus in a given year? What about a financial account surplus? Why? Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Question The demand for an economics textbook is given by: P = 60 -0.5Q, where P is the price in dollars of a textbook and Q is the quantity demanded of textbooks (per week). Suppose the current price is $40, if the goal of the seller is to increase total sales revenue, would you recommend increasing […]
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