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An economy has a total of 320 units of labor and 80 units of capital to use on the production of 2 goods. The production functions for the goods are a function of the labor and capital used in each process. Specifically:
x= F(l,k) = (l*k)^.5
y= G(l,k) = 5(l*k)^.5
Explain why at any point on the PPF, each firm always has 4 times more labor than capital. If this is correct, then both the quantity of x and y can be written soley as a function of Kx. Find these functions, then use them to prove that the PPF function for this economy is y = 5x – 800.
There are four factors of production (aka inputs) in the production process: land, labor, capital and entrepreneurship. Land, labor and capital was explained. Discuss why entrepreneurship was left out of the picture.
Which of the following is NOT a characteristic of a perfectly competitive market? Recall the Application called "Wireless Women in Pakistan." What makes the wireless telephone market in the US NOT perfectly competitive? Recall the Application called ..
Tad's bait shop has a monopoly in the bait market. Demand is given by q=56-8p and mc=0.25q. find profit maximizing output and price. find the level of consumer surplus that accompanies tad's profit max choice of output and price. determine what consu..
During the Second World War, Germany's factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany's production possibilities curve?
Problem 1: Assume that the long run total cost function for each firm in a perfectly competitive industry is LRTC = q3 - 4q2 + 8q and the market demand function is Q = 2000 - 100p. Calculate:
You work for the Environmental Protection Agency - the government wants to regulate emissions of a particular pollutant and following your advice is considering a market based approach rather than a command and control approach. Given your estimates ..
If a firm can double inputs and, thereby, more than double output over the range of output the market demands, it is a. The tendency for the poorest risks to buy health insurance and the tendency of the insured to take more risks with their health ar..
Probability calculation Involving Random Events These calculations involve the use of the empirical rule since all elements available for selection have the same chance of being chosen. Quantify the events, the Event to be calculated and he sample sp..
Draw a graph (hand-drawn is acceptable) that illustrates the demand and supply of a perfectly competitive industry. Indicate the following in your graph: the equilibrium price; the equilibrium quantity; the producer surplus if the industry is a monop..
Read The Reality Check "Do codes Make a Difference?" on page 165 of your textbook. As you read the article, consider the following questions: How could the topic of this article apply to your personal or professional life, and how could it apply to a..
The following graph shows the market for loanable funds in a closed economy. The upward-sloping orange line represents the supply of loanable funds, and the downward-sloping blue line represents the demand for loanable funds.
Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost of a unicycle is $120 and the cost of a monkey is $90. Please graph Mauricio\'s budget constraint on the graph below.
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