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Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2 .
(a) Write an expression for the marginal product of x1 at the point (x1, x2). Is it an increasing, decreasing or constant in x1?
(b) Write an expression for the marginal product of x2 at the point (x1, x2). Is it an increasing, decreasing or constant in x2?
(c) What is the technical rate of substitution?
(d) Does this technology demonstrates increasing, decreasing or constant returns to scale?
The market demand functions for corn is Qd = 15 – 2P, and the supply function of corn is Qs = 5P – 2.5. Suppose the government gives corn farmers a $0.70 subsidy per bushel of corn. What will be the effects on aggregate surplus, consumer surplus, and..
You recently hired an economist to work with engineering also operations experts to estimate the production function for a particular line of office chairs.
Explain gambling from a risk-return perspective and from a Christian worldview. What is wrong (from a Biblical viewpoint) with gambling if consumers want it? Is price-discrimination always wrong? Under what conditions might it be ethically allowable?
Suppose an airline is losing money because they cannot fill enough seats in their flights with passengers. The airline would offer a flight only if at least 70% of the seats could be filled. The average total cost for the typical flight is $12,600. W..
Suppose the actual RGDP for the US economy in Y2003 and in Y2004 are respectively $10,580.7 billion and $10, 994.3 billion. Estimate the growth rate of RGDP in percentage terms between these two years. (Hint Growth rate = (Yt- Yt-1)/Yt-1 *100).
q.to purchase a house that cost 250000 adriana lopez made a 25000 down payment. she financed the remaining 225000 using
Elucidate what should Paul, the Director of Human Resources, do to determine how Plastec (a company that manufactures plastic) compares with other area employers in terms of wages and benefits.
Explain how much and why. This could include things such as mergers, innovative marketing, etc. Illustrate what products and/or services that made by this company.
Suppose that classical least squares assumptions apply and the true value of intercept term or is 0 in following model: yi=alpha + beta xi + epsilon i, Now estimate this model with and without an intercept term and compare the variance of the est..
Contingency Plan 1 is a new process introduced by an international health team that guarantees the removal of pathogenic microorganisms in the town’s water system. Evidence has revealed that Contingency Plan 1 will lower the influenza rate to four ne..
Consider the allocation of a delectable resource over two periods. There are Qbar=4 units of the stock available. The total benefits derived from using the resource are defined as TBt= 20qt- (1/2qt^2) and the total cost of extracting the resource is ..
Discuss the concept of resistance and how employees respond to major change; incorporate information from your own experiences as well as insights you have gained from this module.
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