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Assume that a firm has Cobb-Douglas Production function of the form q = (3LK). Thus her marginal productivity of labor is 3K and the marginal productivity of capital is 3L. Further assume that Sarah has costs such that C = wL + rK where C is some fixed total costs, w is the wage rate and r is the rental rate on capital.
What is the optimal bundle of labor and capital ? What is the output level for this bundle? This can be done (and attempted) in three ways which should all give the same answers.
"Human Welfare is the subject of Economics." This statement is said to be associated with the name of which of the economists?
At the end of 1987, you bought a piece of land for $35,000. In addition to the $35,000, you paid $1,700 in closing costs (costs associated with the purchase and title registration). For the years 1988 through 2002, you paid, on average, $950 in pr..
What are the market inefficiencies the price controls measures such as price ceilings and price floors create? Why do price ceilings and price floors lead to productive and allocative (marketing) inefficiency?
What does it mean for a country to be in economic recession.
Describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
Assume the money market for the economy of San Pedro is in equilibrium. a) Using a diagram, graphically illustrate equilibrium in the money market.
A worker in Equador can earn $3 per day making cotton cloth on a hand loom. A worker in the United States can earn $70 per day making cotton cloth with a mechanical loom. What accounts for the difference in wages? Any point on a country's productio..
pricefeedernbsp quantity demandednbsp quantity supplied300 nbsp nbsp nbsp nbsp nbsp nbsp nbsp 500 nbsp nbsp nbsp nbsp
Regression examples that we have seen included explanatory variables such as income, price of the good, prices of related goods, and geographic area.
Determine the pros and cons of optional strategies to tackle a foreign market, such as acquisition of a local company, direct investment in production
Consider a country with the national income of $30 billion, the amount of taxes paid by households of $10 billion, and household consumption of $18 billion. Suppose that the marginal propensity to consume (MPC) is 0.8. On the following graph, use ..
The government has to go into the market and buy output, which it then puts in a warehouse for indefinite storage. the government must buy units of output to reach its price target the price support program raises profit per firm to.
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