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Q1. Consider a firm as we did in the notes that maximizes it profits by selecting how many workers and how much capital to use. For this problem, set P = $1, W = $10, A = 10/.7, r = .01, pk = .01, d = .1, and K = 5. Use the Cobb-Douglas production, so that revenue for this firm is PAK.3L.7.a. Elucidate the no. of workers would this firm hire? Allusion is being sure that you compare the added benefits and added costs of each worker when the Cobb-Douglas production function is used.b. If K rose to 7, would this firm hire more or fewer workers? Why?
Q2. It appears that your best income earning opportunity is to be an offer to work for a local developer during the month of June and earn $2000. Nevertheless as before pleasing the job, you admit a surprise offer from a competitor. Elucidate how much producer surplus have you earned, if you actually earn $2600 during the month?
The municipal swimming pool charges lower entrance fees to local residents than to non-residents. Conclude that non-residents must have for swimming at the pool than residents.
What steps can Congress and state legislatures take to alleviate a serious national shortage of skilled providers. Research suggests medical errors have been linked to inadequate staffing.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Avoid having developed economies regress to a Smoot-Hawley type of isolationism or protectionism to avoid job losses in import-competing sectors.
Which of these same curve would shift as a result of the per-burger tax. Curves average fixed cost,marginal cost would shift as a result.
Calculate the constant debt-GDP ratio that the country can achieve if the country runs a primary budget deficit of 3%. Is this debt-GDP ratio stable.
As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
Store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users.
If she neither borrows nor lends, which project has the higher present value at the interest rate 50%. Which has the higher present value at an interest rate of 5%.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
The government wants to increase real GDP demanded to $15 trillion at the given price level
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
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