A firm produces output according to the production function, q = L4/3K1/2 and faces input prices equal to w = $20 and r = $80. What is the minimum cost of producing 1140 units of output?
A) Cost = $780.
B) Cost = $694
C) Cost = $2,071.
D) Not enough information is given to answer this problem.
B
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Answer the next question based on the following supply and demand schedules in units per week for a product.PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100If demand increased by 100 units at each price level, and the government set a price ceiling of $40, then there will be
A. a surplus. B. no shortage or surplus. C. decrease in supply. D. a shortage.
As countries that currently use the euro, what are the two ways that Spain and Greece could reduce the prices of their exports and of their domestic goods to remain competitive with their trading partners?
What will be an ideal response?
The task of deciding which consumer gets each of the goods produced in a free-market economy is solved by
A. the price system. B. the industries that produce the goods. C. the central planners. D. citizens with political power.
In the aggregate demand-aggregate supply model, an increase in the price level will
a. increase money demand, raise the interest rate, reduce aggregate expenditure, and decrease equilibrium real GDP b. decrease money demand, lower the interest rate, increase aggregate expenditure, and increase real GDP c. increase the money supply, lower the interest rate, increase aggregate expenditure, and increase real GDP d. decrease the money supply, raise the interest rate, reduce aggregate expenditure, and decrease real GDP e. not change money supply, money demand or the interest rate, but will shift the aggregate demand curve to the right