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Consider the production possibility frontier for a simple two-good (closed) economy. Quantities of good x produced are plotted on the horizontal axis. Quantities of good y produced are plotted on the vertical axis. Suppose that the production of both x and y depends only on labor input and that the production functions for these goods are: x = f(lx) = lx and y = f(ly) = ly. Total labor supply is limited by: lx + ly = 100. The typical individual’s utility function is given by U(x,y) = x·y. The equilibrium quantity of good x produced/consumed is how much and the equilibrium quantity of good y produced/consumed is how much? (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. Add a leading zero and trailing zeros when needed. HINTS: First derive the production possibility frontier equation) Show all steps.
Firm A would hire 20,000 workers if the wage rate is $12 and would hire 10,000 workers if the wage rate is $15. Firm B would hire 30,000 workers if the wage is $20 and would hire 38,000 workers if the wage is $15. Which firm is more likely to be unio..
q1. on one hand the wtos role in international trade is becoming more significant. on the other hand its verdict on the
Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. What was Jean’s real rate of return on this investment?
What do the Laws, Divine, Moral, and Martial reveal about Colonial Virginia’s realities and priorities? What does the list of crimes and punishments reveal about early seventeenth century’s values and assumptions?
Banks attempt to screen out the good credit risks from the bad credit risks to reduce the incidence of loan defaults. To do this, banks do all of the following except:
Find out statistics on the web from 2004 to present on following indicators of the macroeconomic conditions of the U.S. economy.
Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
Supposed a proposed public policy could result in three possible outcomes: If the probability of each outcome is, respectively, 0.85, 0.10, and 0.05, should the policy be pursued or not? Explain.
Assume that skilled wages are twice that of unskilled wages, and that half of the population fits into each category, skilled and unskilled. Graph the Lorenz curve and calculate the gini coefficient.
The following six capital projects are considered for a manufacturing company and the project will end at the end of 10 years. The initial investments for the projects are 300k, 400k, 450k, 500k, and 600k. The annual return for these projects are 80k..
Five years ago, XYZ, Inc. installed production machinery at a cost of $25,000. At that time initial yearly costs were estimated at $1,250, in cr easing by $500 each year. The market value of this machinery each year would be 90% of the previous year’..
Under what supply and demand conditions would an excise tax create a large incidence of the tax on suppliers and a small incidence of the tax on consumers? Explain how this works.
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