Which of the following are characteristics of entrepreneurial ability? A. gathering resources
B. identifying potential profit
C. inventing new products
D. taking on risk

Aproduction order quantity problem has a daily demand rate = 10 and a daily production rate = 50. the production order quantity for this problem is approximately 612 units. what is the average inventory for this problem?

(a) what do you think will happen if the price of non-gm crops continues to rise? why? (b) what will happen if the price of non-gm food drops? why?

(30 total points) suppose a firm’s production function is given by q = l1/2*k1/2. the marginal product of labor and the marginal product of capital are given by: mpl = 1/ 2 1/ 2 2l k , and mpk = 1/ 2 1/ 2 2k l . a) (12 points) if the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output q = 18?