Problem set 3 (Answer) 7.6. A farmer uses three inputs to produce vegetables: land‚ capital‚ and labor. The production function for the farm exhibits diminishing marginal rate of technical substitution. a) In the short run the amount of land is fixed. Suppose the prices of capital and labor both increase by 5 percent. What happens to the cost-minimizing quantities of labor and capital for a given output level? Remember that there are three inputs‚ one of which is fixed. b) Suppose only the cost
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Econ 122B Problem Set 3 Name(Print)______________________ Due in class on March 3 UCI ID____________________________ 1. In class‚ we have talked about the following simple wage equation wage female u ‚ where female is a dummy that is equal to 1 if female‚ and 0 otherwise. Given the OLS estimates ˆ and ˆ for the above model‚ what are the OLS estimates for a model with a
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Elidia Lopez MUS 302: Music History 1750-Present March 11‚ 2015 Dr. Pfaff Composer/Composition Fanny Mendelssohn Hensel Trio in D minor‚ op. 11‚ III Lied. Allegretto Listening 1‚ March 5 (7:00 pm)‚ laptop‚ without score‚ Würzburger Klaviertrio Upon my first listening I noticed that the piano part had more to it than I would’ve originally thought. The piano was not simply playing an accompaniment for the strings‚ but had its own distinct voice. When the violin came in for the first time it seemed
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PROBLEM SET 1 - SOLUTION PROBLEM 1 Part A - Record a liability (and expense) for $800‚000 in 2009. Since the loss has been recorded‚ we don’t have to disclose it. However‚ if the possible loss exceeds $800‚000 (or if the probable loss was a range and we only recorded the minimum) then we need to disclose. Part B - If only 80% of the cans were sold before 12/31/09‚ then record a liability of $640‚000. The recall of the cans sold in 2010 would be disclosed as a subsequent event. Part C - Disclose
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Accounts Receivable Building Capital Stock Cash $ 8‚500 1‚250 45‚500 50‚000 7‚400 Furniture and Fixtures Land Notes Payable Retained Earnings Supplies 20‚000 $ 55‚000 ? 4‚090 3‚440 The transactions occurring during the first week of October were: Oct. 3 Additional capital stock was sold for $30‚000. The accounts payable were paid in full. (No payment was made on the notes payable.) Oct. 6 More furniture was purchased on account at a cost of $18‚000‚ to be paid within 30 days. Supplies were purchased
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Case 11-4 SUBJECT: Determining the Functional Currency of Sparkle Company Sparkle Company is a Nigerian diamond mining company. Sparkle is a joint venture‚ 50 percent owned by Shine and 50 percent owned by Brighten. Both Shine and Brighten are U.S.-based companies with their functional currency being the American dollar. Sparkle Companies functional currency is that of Nigeria‚ being the Naira. During 2009‚ Sparkle had several transactions with its joint venture owners and outside parties. The
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Dalron Pedro 11 HZ Accounting Report: Control of Fixed Assets Due date: 16 February 2015 Question 1 The drivers carry a full load of goods to Johannesburg but return empty to Durban. Are the drivers receiving a fair remuneration (wage) for work done? Motivate by using calculations. Answer Drivers are not getting a fair remuneration. Drivers are paid per trip and not per hour or days’ work. Drivers are not paid the same amount for the same trip‚ from Durban
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Introduction The problem between students and the text exams is that‚ somehow exam sometimes makes the students which‚ they are taking the exam‚ make them nerves and they feel that‚ they are lost in the exam and they should looking for the successful and the easiest way to find their self and how to be the top one in the exam. This paper is about‚ the situation of taking exams and the advantages and disadvantages of text exams and quiz exams. However‚ it seems to be that‚ the only way to differentiate
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relationship between machine hours and power cost? 2. Using the high and low points‚ compute a power cost formula. 3. Use the method of least squares to compute a power cost formula. Evaluate the coefficient of determination. 4. Rerun the regression‚ and drop the point (20‚000‚ $26‚000) as an outlier. Compare the results from this regression to those for the regression in Requirement 3. Which is better? SOLUTION: 1. [pic] The overall relationship looks reasonably linear—although the
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statements and the persons using the statements. (3) A misstatement of account balances may exist and is generally corrected as the result of the independent auditor’s work. (4) Poorly designed internal controls may be in existence. b. An independent audit aids in the communication of economic data because the audit (1) confirms the accuracy of management’s financial representations. (2) lends credibility to the financial statements. (3) guarantees that financial data are fairly presented
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