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For the closed-economy, one-period model, suppose that U (C, l) = min (C, β × l), and F (K, N) = αK + δN, where β > 0, α > 0, and δ > 0.
Determine consumption, employment, output, leisure, and the real wage in a competitive equilibrium, and explain your solutions. Also draw a diagram with the consumer’s preferences and the production possibilities frontier, and show the competitive equilibrium in this diagram.
Suppose that nominal GDP in year 1 is 200 and nominal GDP in year 2 is 242. Assume that inflation is 10 percent per year. How fast did the economy grow between these two years
According to your text, which of these is a major challenge that for-profit pharmaceutical corporations face in the future? A big problem a large portion of nursing home staff
A firm has the production function Q=L times K. For this production function, MPL=K and MPK=L. The firm initially faces input prices w= $1 and r= $1 and is required to produce
Explain how the Internet changing the music industry. Explain what role do households play in the market for inputs and explain what role firms play. Students arriving late to
Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X+2Y UB(X,Y) = X*Y The initial endowments are: A: X = 2; Y = 8 B: X =
Some firms with monopoly power are more focused on market share, size and influence in the economy. This is particularly true if there is a tendency for ownership (stockholder
Drezner mentions that in this current era of globalization, the international relations community might need to develop brand new theories to explain global governance, rath
Suppose you and a classmate are playing a game where your classmate proposes a division of? $1.00. ? Then, you either accept or reject the offer. If you? accept, then you and
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