A firm has a production function of 
, the rental rate of capital is $60, and the wage rate is $30. In the short run, 
is fixed at 100 units.
a. What is the short-run production function?
b. What is the short-run demand for labor?
c. What are the firm's short-run total cost and short-run marginal cost?
Definitions:
Sherman Antitrust
A landmark federal statute in the United States that prohibits monopolistic business practices, aiming to promote fair competition for the benefit of consumers.
Sherman Antitrust Act
A foundational statute in United States antitrust law passed in 1890 that outlaws monopolistic business practices and promotes competition in the marketplace.
Supreme Court
The highest judicial court in a country or state, often having the final say in legal disputes and interpretations of the law.
Rule of Reason
A legal doctrine used in antitrust law stating that not all business practices considered to restrict trade are automatically illegal, but must be evaluated on their actual impact on competition.
Q3: (Figure 3.10) If the government mandates a
Q13: Pedro loves leather belts but neither likes
Q17: Bob's utility function for black (B) and
Q22: In a perfectly competitive industry, there are
Q85: Billy is maximizing utility subject to his
Q86: (Figure 7.12) The short-run average total cost
Q86: Genetically modified soybean seed is an example
Q94: Amy owns Accurate Accounting, Inc., and her
Q95: A consumer's utility function is U(X,Y) =
Q117: (Figure 4.15) The consumer maximizes utility by