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1. You work for a company that bids on government contracts for business. This entails promising to deliver a...

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1. You work for a company that bids on government contracts for business. This entails promising to deliver a certain quantity of goods for a promised price. These are specialized top-secret goods, and the government contract stipulates they are not to be sold to civilians or other governments. a. For this problem are you more interested in the profit maximizing quantities, or the cost minimizing quantities? = b. If production of this top-secret good is given by q problem you are interested in solving. kl set up the c. If the government wants to order 5 units, and labor costs w = 24 and cost of capital is r = 1.2, how much capital do you use for the job? Show two different ways to find optimal labor. = d. It turns out that you only have five units of relevant capital k 5, and obtaining more of these specific machines, or selling what you currently have, would put you behind the contract deadline. How much labor do you hire in this case? By how much does your cost of production increase?

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Given function Y kL We will find the marginal output of both View the full answer


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Related Book For  answer-question
Introduction to Real Analysis

Introduction to Real Analysis

ISBN: 978-0471433316

4th edition

Authors: Robert G. Bartle, Donald R. Sherbert

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Posted Date: November 22, 2022 05:27:52
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