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Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape?
a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense? (Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
q1. in recent years the value of the dollar had declined relative to the euro. what does that mean for european
Suppose an economy begins in steady state and is characterized by the following parameter values: s bar=.2 , d bar=.1, A bar, =1, L bar= 100. Apply your answer to calculate the growth of per capita GDP in the period immediately after each of the chan..
According to our discussion in class, which of the following is true of the minimum wage in the U.S.?
In the 21st century Explain how has globalization affected trade restrictions also the development of common markets
Nintendo's annual income. GDP is figured on a national level. What percentage of the market share does Nintendo have? How much do video games and consoles generate per year?
Consumer surplus ….. when international trade is open as compared with a closed economy: Free international export and imports have a net benefit for: Which is steeper when it rises and steeper when it falls
Producer surplus is measured as the area
Jimmy has a room which overlooks, from some distance, a major league baseball stadium.
Illustrate what would be a reasonable breakdown between private sector vs. public sector spending for an increment of $1. Are we talking $0.8 from private and $0.2 from public or would you suggest a bigger swing either way.
In this discussion, you will explain the role of the business cycle in government and private sector decisions. Data on GDP and economic growth are considered lagging indicators because they report information on what is already known. Should wages a..
Write the numerical formula for the LM curve? What is the equilibrium level of r?
Costs for maintenance of buildings at an industrial complex are expected to be $2000 in year three,$2500 in year four and amounts decreasing by $200 per year thereafter through year nine. at an interest rate of 10% per year, calculate the present wor..
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