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An economy has the technology of production: Y = K L^(1/2)
a. does this technology satisfy constant returns to scale?
b. does the technology display diminishing returns to capital?
c. calculate the share of GDP that would go to capital and the share that would go to labor if the real wage and the real rate of return were equal to the marginal products of labor and capital
You are a division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q 100,000 -1.25P, illustrate what price should you charge in order to maximize revenues from sales of the Highlander.
You only buy apples and bananas. Your budget is such that you can purchase 3 apples and 4 bananas or 9 apples and 2 bananas. Write the equation for the budget line with bananas on the y-axis. Is that equation unique.
Suppose a gardener produces both tomatoes and squash in her garden. If the opportunity cost of one bushel of squash is 2/5 of a bushel of tomatoes, then the opportunity cost of 1 bushel of tomatoes is:
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, Illustrate what were the economic incentives for producers.
A. Write the total revenue function of the firm. B. Suppose the cost of producing commodity A is cA=10qA^2. Please write the marginal cost of commodity A (mcA).
If these economists ignore the possibility of crowding out, illustrate what would they estimate the marginal propensity to consume (MPC) to be.
Kant asserts that human life is best understood as a "war of every man against every other man." This means all people want to have whatever they deem appropriate to a comfortable life for themselves.
Merit goods have received considerable attention. Can concerts and other publicly provided services be rationalized using these ideas.
A firm has the exogenous cost function C(Q) = 354Q-30Q^2 + Q^3. Compute the marginal cost function. Compute the average cost function. For the remaining parts, assume that the demand for the firm’s product is D(P) = 25- √P. Calculate the inverse dema..
How closely does the labor market for the following type of worker approximate a perfectly competitive market? What, if any, are the major imperfections in each market? a. migrant farm worker b. steel worker c. nurse d. bank executive
q.assume which at current factor cost s cloth is produced using 40 hours of labor for each acre of land and food is
A technology company is planning on introducing a new fitness watch to the market. Rush the fitness watch to market by paying overtime and speeding up testing. The company will pay $5 million initially and will receive $3 million in annual profit fro..
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