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Suppose an economy’s production possibilities are represented by the function Y = A K L where Y represents total output (i.e GDP), K is capital, L is labor, and A is total factor productivity (TFP) (aka efficiency or productivity parameter). Moreover, suppose that there is a fixed supply of capital equal to 10 and a fixed supply of labor equal to 2. TFP is equal to 1.
Set up the problem of a representative (aggregate firm) that maximizes profits taking as given a rental rate for capital (r) and a wage (w).
Calculate the equilibrium rental rate of capital and the equilibrium wage.
Suppose that there is a shift in labor supply and wages drop by approximately 50%. How large is the shift? What happens to the equilibrium rental rate of capital? Discuss your results.
Suppose there is an options market in SO2 permits, where each permit entitles one ton of SO2 emissions. Suppose that running a scrubber costs $65 per year per ton of SO2 removed, has a capital cost of $30,000,000, and an expected life of five years. ..
Assume two power plants release Sulfur Dioxide (SO2) in Athens, GA. A1 is the abatement in firm1 and A2 is the abatement in firm 2. Please calculate the total costs and marginal costs of abatement for both firms under a uniform allocation approach. U..
You have studied the legislative branch of government and the wide range of powers held by the House of Representatives and the Senate. List five powers or duties of one or both houses of Congress and discuss each of the five, in a few descriptive se..
While all members of the Federal Reserve Board of Governors vote at Federal Open Market Committee (FOMC) meetings, only______ of the regional bank presidents are members of the FOMC. The Federal Reserve's role as a lender of last resort involves lend..
Involvement of community coalitions and consortia in the implementation of health programs has become widespread. What would be possible and appropriate measures or indicators of having implemented community coalitions or consortia as part of the pro..
At the moment the market is completely ignoring things like record U.S. trade deficits and the widening curent account deficit. It is also largely ignoring the possibility of Federal Reserve rate cuts. In what way is fiscal easing in Japan relevant h..
In 2011, the Deepwater Horizon oil spill in the Gulf of Mexico causd heavy damage to the fishing and tourism industries of Louisiana and other coastal states. In addition, there were long-term ecological impacts on fish and wildlife. In terms of depr..
Suppose the average household in a state consumes 800 gallons of gasoline per year. A .20 tax is introduced coupled with a $160 annual tax rebate per household. Will the household be better or worse off?
Solve for the Elastic demnd and derive the appropriate classification for this hypothetical product: (Show your work step-by-step to receive full credit)
illustrate what is james opportunity cost of producing chickens which person has an absolute advantage in which activities which person has a comparative.
If U.K. workers wage is 30GBD per day (and fixed exchange rate is $2= 1GBD Illustrate what is upper limit to U.S. worker's wage per day.
Construct a representative indifference curve for each of the following situations. (Note: Even though some of the goods described exist only in discrete quantities, draw the IC assuming the goods exist in continuous quantities). The two goods are wa..
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