Suppose that labor (worker hours) and capital (machine hours) are perfect substitutes in the production of widgets. Each widget can be produced in 20 minutes by a worker or in 15 minutes by a machine. The price of labor is $20 per hour, and the price of capital is $30 per hour. Derive the equation for long-run total cost

Social computing forces companies to deal with customers as opposed to

How many months does the federal budget usually take to prepare

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money. msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach