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Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
w = 7 and r = 7.
a) In which direction will the substitution effect change the firm's employment and capital stock?
b) In which direction will the scale effect change the firm's employment and capital stock?
c) Can we say conclusively whether the firm will use more or less labor? More or less capital?
Why are incomes so much more unequal within poor nations that within rich nations generally
If the firms could collude also agree on Elucidate how to split the total profits illustrate what outcome would they pick.
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Utilize this expression to derive the potential bounds for the income elasticity of other goods.
The market for autographs including letters o other documents signed by famous people is subject to frequent large price changes as are markets for most collectables.
Explain how specifically can GDP be adjusted to better measure well-being.
What resources are combined by firms to produce goods and resources?
q1. when the price of ketchup rises by 15 the demand for hot dogs falls by 1 b are the goods complements or
Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts.
A cousin of James Darwin, examined the relationship between the height of children and their parents
What is the point forecast of sales in the next time period? What is the 95% forecast interval for the next period’s sales figure? (use z = 1.96)
Determine the profit maximizing output and amount of profits for the firm. If the market demand increases to Q(d) = 57 - 4P, determine the new profit maximizing output and profits.
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