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Question: The daily output of a specific factory is given by \[Q(K,L)=10{{K}^{1/3}}{{L}^{1/2}}\] Use marginal analysis to compute the change in the daily output as a result of changing \(L\) from625…

Question: Which of the following industries exhibit economies of scale? Explain giving reasons. a) Financial services b) Agriculture c) Housing d) Electric power generation e) Steel f) Software development Solution:…

Question: Describe the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient. Solution: The solution…

Question: You are told that the price elasticity of demand at the current equilibrium in the WTI crude oil market (P = $84 per barrel and Q = 252 million…

Question: Suppose that Zilog finds that its marginal cost for an upcoming new 16-bit micrologic device under construction is $10 and the firm’s Customer Demand is \[{{Q}^{D}}=100{{P}^{-1.5}}P{{R}^{-0.5}}{{I}^{2}}\] where Q is…

Question: The Beryn Company is considering the addition of a new product to its product line. The firm has plenty of excess manufacturing capacity to produce the new product, and…

Question: #1: An industry can be characterized by the following production function: \[Q=2.5{{L}^{0.6}}{{K}^{0.40}}\] (a) What is the algebraic expression for the marginal productivity of labor? (b) What is the algebraic…

Question: A company makes panels using five sheet metal machines and workers. These machines cost $300.00 each. These workers can be hired on an as needed basis at 7,000.00 each.…

Question: Explain under what conditions a firm is able to engage in third degree price discrimination. Are firms in industries characterized by monopoly or perfect competition more likely to be…

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