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A firm's production function is: Q = K1/2 L1/2. Suppose that capital is fixed at 81 units. If the firm can sell its output at a price of $100 per unit, hire labor at $50 a unit, and rent capital at $10 a unit, how many units of labor should the firm hire to maximize profits? Given your answer, what is the level of output that maximizes profits. Lastly, calculate the level of profits at the profit-maximizing level of labor and output given that capital is fixed at 81 units.
Read the opening case on Boeing 787s, and research for the updated information on the Boeing 787s. Identify the pros and cons of assembling a plane with many different parts and manufacturers as Boeing did with the 787. Assess whether Boeing’s approa..
Consider an economy whose production function is Y=Kθ(AN)1-θ, with A=4(K/N). Suppose that it has a saving rate of .1, a population growth rate of .02, and an average depreciation rate of .03 and that θ=.5. What are the growth rates of output and capi..
Goods that are produced but not immediately sold: Unanticipated inflation is: Core inflation is defined as: Which of the following is not an example of the underground economy? Government consumption includes all: Money illusion occurs when we compar..
Using the selected concepts and terms from your selected readings, prepare a 1,050-1,750- word paper in which you describe a negotiation situation that you have participated in
What happens to capital per worker and output per worker if machines begin depreciating at a faster rate than they once did? Use a graph to help you discuss your answer. Describe what will happen to growth in the short-run and the long-run
For each of the following assume that the demand curve shifts while the supply curve remains constant. What is the direction of the demand shift and relative elasticity of supply? Prices do not change. Quantity increases significantly. Price falls si..
Starting with Japan in the 1970s, there are some countries whose trade policy American policy-makers have characterized as “neo-mercantilist.” Considering what you have learned about Mercantilist theory, what do you think we mean by this expression?
What is a perfect (pure) price competition model and what are its assumptions? Explain in detail how the price competition model is supposed to work, its process and the outcome (this includes many components relating to the quality of goods, the typ..
Suppose instead that the station seeks to maximize its profit from sales of the DVDs. Illustrate what price should it charge. How many DVDs should it order from which supplier.
You are in charge of making recommendations based on economic forecasts to uppermanagement of your firm, which produces widgets and employs 2,500 workers. Uppermanagement has informed you that they are planning to build a new facility and hire 500 ad..
When are economic sanctions likely to succeed? Why did sanctions succeed in convincing Iran to dismantle, at least for the next 10 years, its nuclear program? If Trump cancels the Iran nuclear agreement, is he likely to get a better deal? Explain.
What recommendations would you give to the Brazilian government and its outsourcing industry in order to improve their prospects for success in building a strong international competitive position in the information technology outsourcing business?
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