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A firm has a production function Q=F (K, L) with constant returns to scale. Input prices are r=$2/ K-unit and w=$1/L-unit. The output expansion path for this production function at these input prices is a straight line through the origin. When it produces 5 units of output, it uses 2 units of K and 3 Units of L. How much K and L will it use when its long-run total cost is equal to $70? How much will Q be? What is its LAC?
Given population = 500, Population 16+ and non-institutionalized = 400, People employed full or part-time = 200 People unemployed and actively seeking work = 20 People who have quit seeking work due to lack of success = 10Part-time workers seeking fu..
A new machine can be purchased for $1,200,000. It will cost $35,000 to ship and $15,000 to modify the machine. A $12,000 recently completed feasibility study indicated that the firm can employ an existing factory owned by the firm
A researcher is interested in the size of the current balance of credit card holders. To estimate this, he obtains the size of the current balance of a random sample of 25 credit card holders. A 90% confidence interval for the mean current balance..
A firm is considering moving its manufacturing plant from Chicago to a new location. The industrial engineering department was asked to identify the various alternatives together with the costs to relocate the plant, and the benefits.
Calculate the net cumulative change in aggregate expenditure if taxes were cut by $200 billion and MPC is estimated to be .75. What if government expenditure was increased by $200 billion
Robinson Plastics makes clear plastic products with injection molding techniques. Their latest invention is a plastic cup with a sharp blade mounted inside to cut prescription pills into small pieces.
Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves.
GKX Industries expects sales of its hydraulic seals (in inches and metric sizes) to increase according to the cash flow sequences $70+4k, where k is in years and cash flow is in $1000. What is the amount of the cash flow in year 3
Susanna Nanna is the production manager for a furniture manufacturing company. The company produces tables (X) and chairs (Y). Each table generates a profit of $80 and requires 3 hours of assembly time and 4 hours of finishing time. Each chair gen..
Assume a continuous-time solow growth model with no technical progress. The economy is closed and there is no government sector. Labor supply is given by L_t = e^nt, n>0. The average propensity to save out of GDP is s,, with 0
Consider the market for ice cream as in the previous problem. This has a demand curve given by D(P)=100-P and a supply curve given by S(P)=1+98P. If the government implements a $9 tax, what is the price that consumers will pay
In economics, it is agreed that Investment, especially capital investment, leads to economic growth. The source of Investment is from savings. What conclusions can you draw about the incentives for capital investment and economic growth.
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