This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In the short-run if there is a surplus in the market for a product, the rationing function of price ... (Read 72 times)

dalyningkenk

  • Hero Member
  • *****
  • Posts: 598
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fur

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


dalyningkenk

  • Member
  • Posts: 598
Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

Joy Chen

  • Member
  • Posts: 354
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

How to find the intervals where a function is satisfied using inequalities How to find the intervals where a function is satisfied using inequalities
Graph the function by hand & label key points on graph: Graph the function by hand & label key points on graph:
Stock Market Tracks Growth in GDP Stock Market Tracks Growth in GDP
Exponential and log function Exponential and log function
Posterior pituitary function Posterior pituitary function
Anterior pituitary function Anterior pituitary function
Video: Phases of mitosis

For a complete list of videos, visit our video library