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Assume a (perfectly competitive) firm has production technology given by f(L, K) = √ L + √ K. Assume pK = 1 = pL and compute its (long-run) supply schedule. Where in the analysis do you invoke the assumption of perfect competition?
The Encomienda system was?
Suppose a government has no debt and a balanced budget. Suddenly it decides to spend $10 billion while raising only $8 billion worth of taxes. What will be the government's deficit? If the government finances the deficit by issuing bonds, what amount..
Assume a firm is currently employing 20 units of capital and 100 units of labor in its production process. In this case, in order to minimize its costs of production the firm should:
Suppose you start telling your friend about the Price and Wolfers finding that NBA referees appear to be racially discriminatory. Your friend looks at their data, and (correctly) finds that white referees call fewer fouls per 48 minutes on black play..
If income and consumption in the U.S. economy are growing faster than the economies of the nations that are its major trading partners, then U.S. imports are most likely:
Illustrate what is the firm's average total cost of producing 100 units. Illustrate what is the firm's average total cost of producing 101 units.
An economy has the following money demand function: (M/P)^d = .2Y/i^(1/2). Derive an expression for the velocity of money. What does velocity depend on? Explain why this dependency may occur. Calculate velocity if the nominal interest rate i is 4%. I..
Explain the difference between a price setter and a price taker. Can most providers be classified strictly as price setters or price takers? What would happen financially to a healthcare organization over time if its prices were set at either full co..
You have come to realize which you are only buying 3 bottles of wine a week now whereas you utilized to buy six bottles of wine when you made $60,000 a yr. Given this situation you would describe wine as a.
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Now suppose $200 of the avera..
If more foreign tourists visited the United States, this would: A. lower our merchandise trade imbalance. B. lower our overall trade imbalance. C. raise our merchandise trade imbalance. D. raise our overall trade imbalance.
What price and quantity will result once the patent expires and competition emerges in this market? Explain your answer.
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