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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?
Use annual cash flow analysis with an 8-year analysis period and a 5% interest rate to determine which alternative should be selected if their annual operating costs are the same:
Your book describes the increase in the money supply as being analogous to giving people more money. If the output of goods and services is not growing at a similar rate, inflation will eventually occur. According to PPP Theory, what will happen to t..
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Explain why it costs the government (taxpayers) more to subsidize this..
Explain how will this combined tax-transfer policy affect aggregate demand at current prices.
Sally Rand owns a ceiling fan company. She sells 1,000 ceiling fans at $50 each. Each fan costs her $20. She uses her own money to buy the fans; she withdraws the money from her savings account where it earns 5 percent interest. Before going into the..
Assuming the labor supply curve to an occupation is upward sloping, economic rent is earned by:
q.assume that country a has a population of 500000 moreover only produces one good car. country a produced 100000 cars
She gets pleasure not only from her spending money but also from her leisure hours. Draw her budget constraint in leisure-expenditure space.
Draw the complete intertemporal consumption-savings model, and label completely and correctly. You may choose whether your consumer is a borrower or a lender, but state your choice.
Explain how does marginal analysis affect goods and services, efficiency, equity, and on market economy.
Much of the empirical evidence on the behavior of costs for real-world firms suggests that
q1. discuss the two views of government intervention in a market-based health care system. illustrate role does the
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