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A country is described by the Solow Model with a production function y = k1/2 where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%. Assume that the depreciation rate is 5% and population growth is 0%.
A) Calculate the country's steady state level of output per worker.
B) Now suppose k is equal to 400. Is the country at its steady-state level of output per worker, above the steady-state or below the steady state?
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
Environmentalists discuss that trade liberalization harmful for the environment. The decisions of World Trade Organization in particular have been subject of much criticism.
Illustrate with a diagram and explain the long-run perfectly competitive equilibrium for the firm and explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve.
Some states are planning that ethanol be mixed with gasoline to comply with anti pollution laws. Ethanol can be made from corn. Determine what effect are these rules having on the equilibrium price and quantity of corn?
Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.
Carl is deciding whether or not to make a farm. If he makes a farm, he will earn a $50,000 grant from the government. For every 100 head of cattle that he increase and sells.
Calculate the cross-price elasticity of demand and are the goods complements or substitutes
How does the article support the Simple Circular Flow model and how does the article support the Law of Supply and Demand?
Suppose the government imposes a price floor of $25, and agrees to purchases any and all units consumers do not buy at the floor price of $25 per unit (3 points) a. Determine the cost to the government of buying firms' unsold units. b. Compute the ..
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Joanne has decided to buy the Hummer and set up a commuter service between Boston and Lowell. There are 1000 people who will pay $400 a year for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation etc.
Explain a political, economic, or social interaction of decision makers that you have heard about in words. The condition should involve decision makers, available actions
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