Economics Answers

Let the production for company A, Q= 20K^0.5L^0.5
a)The firm is currently producing 200 units of output per period using input rate of L= 4 and K= 25. Is this efficient input combination?Why or why not? If not determine the efficient input combination for producing an output rate of 200.

na owns a firm in a compeitive industry that consists of a large number of firms, each
of which has the same cost function of the form:
c(w1, w2, y) = (y2+1)w1 + (y2+2)w2. Given these information, answer the following
questions:
a) Find the average cost curve of Dina’s firm and describe how it shifts as the factor
price w1/w2 changes.
b) Find the short-run supply curve of Dina’s firm.
c) Find the long-run industry supply curve.

6. Tariffs and quotas tend to be similar in their domestic welfare effects
a. if quota licenses are given to foreigners
b. if quota licenses are auctioned
c. if quota licenses are given away to domestic firms
d. both (b) and (c)

How do I find a country’s real GDP?

Differentiate between the terms revenue and profit. Assume that a firm sells 20 units of a good at a price of $4 per unit. If the average total cost of the firm is $2.50 per unit, calculate the firm’s profit.

demand is P=400-2Q. marginal cost is 80. find the consumer surplus

How can disagreements over discretionary spending lead to a government shutdown?

1. You plan a major adventure trip for the summer. You won’t be able to take your usual
summer job that pays $6,000, and you won’t be able to live at home for free. The cost of
your travel accomodations on the trip will be $3,000, gasoline will cost you $200, and
your food will cost $1,400. What is the opportunity cost of taking this trip?

Ideal Co. Ltd is a local company which produces medical mask. Due to the outbreak of Coronavirus in Hong Kong, the CEO considers buying a new set of machines to enlarge the production scale. TWO models of the same budget ($200,000) are available and the information is shown below:
Model A Model B
Resell value after ONE year $115,000 $135,000

Annual repair and maintenance fee $25,000 $20,000
Annual electricity consumption$30,000 $75,000
Which set of machines will you suggest the Company to purchase? Explain briefly with relevant data and working.

Two commodities ,x and y ,are produced by labour and capital.one unot of labour and capital are required in the production process .In addition, x is a commodity which requires storage and there is a capacity of storing up to 200 units of x.there are 120 units of labour and 90 units of capital
Draw the production possibility frontier
What will be the opportunity cost of x when we produce 40 units of y?