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Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital.
a. Does the production function exhibit increasing, decreasing or constant returns to scale? Explain.
b. If labor hours increase by 10%, what is the percentage change in output? Explain.
c. If capital decreases by 10%, what is the percentage change in output? Explain.
d. If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output?
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
Illustrate what is the estimated size of the union salary advantage. How might this advantage diminish the efficiency with which labor resources are allocated.
Describe the spot and 12-month forward exchange rates and determine any change in the ROS repatriated in 12 months based on exchange rates versus the current forecast.
Why do the economists use real GDP rather than nominal GDP to gauge economic well-being and discuss critically GDP as a measure of economic welfare and how each of the following events is likely to affect GDP?
(a) What is mean by that Explain "strategic behavior" and relate that to the "Kinked Demand" model of oligopoly. (b) Explain the importance of mergers in oligopolistic markets. Is there much price competition in an oligopolistic market
Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying.
The marginal propensity to import increases from 0.3 to 0.4. Find the new multiplier of the economy and explain why the multiplier has changed.
What would happen to autonomous consumption if household debt fell and the interest rate rose over the same time period What would happen to autonomous consumption if real wealth increased and expectations of the future became more optimistic
Elucidate the difference between the government purchases multiplier and the net tax multiplier. If the MPC falls, what happens to the tax multiplier.
A consumer product company is considering introducing a new shaving system called DELTA-4 in the market. The company plans to manufacture 75 million units of DELTA-4 a year. The investment at time 0 that is required for building the manufacturing ..
Productivity often increase during economic expansions and decreasing during economic recessions. Can you think of reasons why?
You are a budget analyst in a California State legislative budget committee and have been asked to prepare a policy brief on the budget issue for the state.
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