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Author Question: In the short-run if there is a surplus in the market for a product, the rationing function of price ... (Read 65 times)

dalyningkenk

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on: Jul 1, 2018
In the short-run if there is a surplus in the market for a product, the rationing function of price can be expected to cause
 
  A) an increasing shift in the demand for the product.
  B) a decreasing shift in the supply of the product.
  C) an increase in the market price of the product.
  D) a decrease in the market price of the product.

Question 2

The Cobb-Douglas production function for a beer manufacturer is q=1.52L0.6K0.4. Assume that the firm's capital is fixed at 250 units, the rental rate of capital is 5 per unit, and the wage rate is 10 per hour.
 
  The amount of labor needed to produce q units of output is A) 0.0124q.
  B) 13.832q0.6.
  C) 0.0124q1.67.
  D) 13.832q1.67.


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fur

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


dalyningkenk

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

kthug

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Reply 3 on: Yesterday
Wow, this really help

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