6. The Miller Company is trying to determine the combination of inputs to produce a specific volume of bar stools ordered. The production function for the firm is given: Q = 14LK? The wage of a worker is $80/day and the price of a machine is $240/day. If they need to produce 4,536 bar stools per day: a. What is the optimal combination of Labor and Capital, i.e. find the cost-minimizing combination of inputs to produce 4,536 bar stools? b. What is the total cost of using the inputs found in part a?

Q: Evaluate the relationship between risk probability, risk impact and risk exposure.

A: In general, firms can calculate risk exposure using one of two methods: quantitative or qualitative.…

Q: 11. Suppose that the two biggest producers of gold, Bmine and Gmine, form a cartel to set price,…

A: When one player's strategy is superior than another player's strategy, regardless of how that…

Q: What amount does each bidder bid in the Bayesian Nash equilibrium of a 2nd price auction? The…

A: Each advertiser offers a fixed amount per impression, which is compared to the other available bids,…

Q: a. If Malawians have deposited none of the currency in Malawi's banks then the size of the money…

A: All answers given below,

Q: Suppose the firm's production function is Q = 2KL, where Q is units of output, K is units of capital…

A: We can find out the short run production function using the capital K= 4.

Q: 43. Find the equivalent rate of interest of 9% compounded quarterly to an interest rate compounded…

A: Given interest rate = 9 % compounded quarterly Effective annual rate = (1 + rate)^time - 1 = (1 +…

Q: ffect of Price on Supply of Tires Suppose the quantity x of Super Titan radial tires made available…

A: given that the equation is  p-1x22=48 also price per tire is decreasing at the rate fo $6 per week

Q: 40. Determine the exact simple interest on P10,000 for the period from January 10 to June 15, 2002…

A: Given information: Principal amount (P): P10,000 Time period (t): 156 days (Jan 10 to June 15 2002)…

Q: Make a critique on some important economic, social and cultural impositions by the Spaniards and the…

A: The proof was discovered by Spanish friars, and the leaders were obliged to act prematurely. Around…

Q: Keynes 1. Why is there more 'crowding out' when using fiscal policy with an IS curve that is highly…

A: Answer: Introduction: Crowding out: when increased government spending leads to a decrease in…

Q: 4. The opportunity cost of changing your decision on what to major in college is highest___   a.…

A: Opportunity cost can be defined as the benefit that has been forgone of the next best alternative…

Q: Back in the 1950s, General Motors (GM) was at its peak. It was widely viewed as a shining example of…

A: Market is the place where seller and buyers exchange  the goods and services at given price level .…

Q: Suppose the total demand for computers and the total supply of computers per month in the Calgary…

A: Equilibrium is achieved at a point where demand curve intersects the supply curve. Any price below…

Q: The cash flows associated with a public-school building repair project are as follows: costs…

A: Given: Benefit=$600,000 Disbenefits=$90000 Costs=$550,000

Q: Can excess profit be earned in the olipolistic industry in the long run. Explain.

A: There are certain barriers to the entry of new firms in oligopolistic industry. Due to these…

Q: each of the following cases, calculate the values of MPC, decimal places. PW, and the spending…

A: In economics, the marginal propensity to consume (MPC) is defined as the proportion of an aggregate…

Q: Suppose that all prices rise at the same proportional (inflation) rate of 19% per year. For an item…

A: Hyperinflation is the decline of a currency's buying power over time. The rate at which a basket of…

Q: How does capitalism differ from socialism and communism?

A: Socialism is a social, political, and economic philosophy that encompasses a variety of economic and…

Q: Interpret the GNP of the Philippines over the years and what is it’s implication.

A: Gross domestic product means the total market value of goods and services produced domestically…

Q: A manufacturer produces a certain product at a labor cost of P 315 per unit, material cost of P 100…

A: Here, given information is: Per unit labor cost: P315 Per unit material cost: P100 Per unit…

Q: Emily owns a small dress factory. She notices that, when she added her brother to the payroll, the…

A: The measure that depicts the total output amount that a firm could be a product with the amount of…

Q: An international or global competitor can strive to gain competitive advantage or counteract…

A: An international competitor refers to when an entity competes in another country. In this, the…

Q: 11 b. Assume that the market price in the short run is P = $11, Giyen the way YOU drew With the…

A: Long run average cost, or LRAC, is referred to the cost for an unit of output when all the factors…

Q: he U.S. government's focus on supply reduction efforts in its "war on drugs" has been relatively…

A: Given: Price elasticity of demand for cocaine=-0.5

Q: Dalia owns a small coffee roasting firm in Manchester. She is in a monopolistically competitive…

A: We can find out the marginal revenue, and marginal cost by using the differential rule.

Q: Given the data for two alternatives, choose the better alternative using the B/C ratio analysis.…

A: Alternative X   First cost (Investment) = $100,000   Net annual benefits = Benefits - Operating…

Q: for P10,000 and plans to keep it for 20 years. If the salvage value is zero at the end of the 20th…

A: *Answer:

Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: 1. (.. .-, The Zany Florist is a firm operating in the florist industry in Toronto, Ontario…

A: Introduction Here production function of Zany has given. a) The production function of Zany is  y =…

Q: If Mark produces five pairs of shoes, his total costs are   a. $400 b. $370 c. $360 d. $320

A: Total cost is the sum of fixed cost and variable cost.

Q: Mang Enteng borrowed P2000.000 from a bank and promised to pay the amount for 1 year. He received…

A: Given  Mang Enteng borrowed P2000 from a bank as a discounted loan where discounted interest amount…

Q: why is  a large GDP  a good thing for the economy and sosociety?  what would a large GDP mean to an…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Three sentences about simple commandite company

A: A Simple Commandite Company is a legal entity formed by two or more partners. It is a type of…

Q: Which of the following trade policies limits specific quantity of goods to be imported at one tariff…

A: In an economy, there are various methods to reduce the amount of goods and services imported by the…

Q: Given the data for two alternatives, choose the better alternative using the B/C ratio analysis.…

A: The correct answer is given in the second step.

Q: How do intellectual property protections differ between India and China?

A: Intellectual property is a sneak up word for a collection of intangible assets or non-physical…

Q: Assume that a person earns $10 per hour and her non-labor income increases from $100 to $200. She…

A: Given assumptions  that; A person earns $10 per hour and her non-labor income increases from $100 to…

Q: P=21 - 0.7 Q price per kilo and Q is the kilos of coffee demanded and her total costs are given by…

A: A firm produces at the output level where MC equals MR in order to maximize profit.

Q: In the context of optimal pricing, cannibalization refers to: a. A firm's low price for one of their…

A: Cannibalization refers to the decrease in sales volume and revenue as a result of introduction of…

Q: A new oven will save ​$130 per year in electricity expense. How much can we afford to pay for this…

A: * SOLUTION :-

Q: Compare the interest earned by $9,000 for six years at 7​% simple interest with interest earned by…

A: Simple interest and compound interest are earned on initial amount deposited but with sufficiently…

Q: Suppose Sarah and Julia both work at a bakery making bread and muffins. In an hour, Sarah can either…

A:

Q: What are joint-venture companies and advantages of joint ventures  over wholly owned subsidiaries?…

A: The term "joint venture" refers to the formation of a business that is jointly owned by two or more…

Q: Will real wages start rising? If they don’t, should the central banks be raising the interest rate?…

A: If the real wages start rising, then there would be expansionary in the spending and even ability's…

Q: According to the factor price equalization theorem a. Trade will result in a convergence of factor…

A: In the international market, there are various techniques and tools to examine the nature of the…

Q: GİRNE AMERICAN UNIVERSITY FACULTY OF ENGINEERING ENG ENG304 Engineering Economy Homework 1. If a…

A: The correct answer is given in the second step.

Q: The Good Samaritan Game Unfortunately a man had an accident and somebody has to help him. The per-…

A: Given information There are people who observes an accident If helps everyone gets 1 pay off and if…

Q: Consider a Hotelling location game, where two firms simultaneously choose where to set up their ice…

A: The Nash equilibrium is a situation in which each player chooses an optimal strategy given the…

Q: How does a lump sum tax affect the fixed costs and variable costs of a producer? Select one: O a. A…

A: Variable costs and fixed costs together sum up to obtain total costs.

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.