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The own price elasticity of demand for a pack of cigarettes is estimated to be -.4. Current price and consumption are $4.00 and 2 million units per year. Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations.
The production function for a firm is given by
Q = L+K+LK where Q denotes output; Land K labour and capital inputs. Wage rate and rental rate are given by w and r respectively.
(a) Show whether or not the above production function exhibits diminishing marginal productivity of labour.
(b) Determine the nature of the Return to Scale as exhibited by the above production function
(c) Using the Lagrangean Multiplier method, calculate the least cost combinations of labour and capital and the resulting long run total cost function for the above production function. Explain the economic significance of the Lagrangean Multiplier and calculate its value.
(d) Using Excel- Solver verify your answer to (d) above.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Assume that there are two power generating plants that emit SO 2 (sulphur dioxide). In the absence of regulation they each emit 10 tons of pollution per month.
Discuss the advantages and/or disadvantages of distributing marketable pesticide permits to each farm operating in the watershed equal to 40% of its current level of use of that pesticide, versus simply ordering each farm to reduce pesticide use t..
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
Please evaluate the effect of the following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Answer whether the following statements are true or false, explaining your answer in each case.
Impact of technology advance a monopolist has the following demand function: Solve for the price and quantity that the monopolist would choose to minimize its profit. And also calculate the resulting profit.
How many "spells" of unemployment occur each year in this economy? What percentage of the "spells" are only one month long?
Suppose a production function is given by f(K;L) = KL 2 What combination of labour and capital minimizes the cost of producing any given output?
Discuss the use of Gross Domestic Policy (GDP) to measure the business cycle. Discuss the roles of government bodies which determine national fiscal policies.
The Federal Reserve's publishes the H.3 Statistical Release-Aggregate Reserves of Depository Institutions and the Monetary Base-weekly. Recent releases show that the composition of the supply of total reserves
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