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Economics Two Problems




Question;1. Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argued that Congress should force U.S. automakers to build this energy-efficient car. In your opinion, is energy efficiency the same thing as economic efficiency? Please explain your opinion and state whether you support it or not.2. Assume that a firm?s long-run average total cost (ATC) is constant. Which of the following functions, where Q is output, L is labor input, K is capital input, is more likely to represent the firm?s production? Please explain your choice.? Q = f(L,K) = L + K? Q = f(L,K) = L*K? Q = f(L,K) = L2 + K2Please answer all of the questions by one paragraph for each.


Paper#56182 | Written in 18-Jul-2015

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