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A firm has the following production function: Q=E1/4 3K1/2
The price of output is $10, the wage rate is $4, and the rental rate for capital is $2 per unit. Assume capital is a fixed cost at 5 units.
a. Calculate the short-run profit maximizing level of labor and capital demand.
b. Calculate the long-run profit maximizing level of labor and capital demand.
c. The rental rate of capital changes to $10, show which effect is stronger, the substitution or scale.
In a simple model with no government or foreign sector, the amount of involuntary inventory accumulation at equilibrium is
Suppose Congress wishes to reduce the budget deficit by reducing government spending. Use the IS-LM model to illustrate graphically.
Cindy gains utility from consumption and leisure. The most leisure she can consume in a week is 168 hours.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
A tariff I ssimply a tax on imports. Use our model of the excise tax (with diagram) to expain why domistic firms request that tariff? Consider both the domestic and the foreign country in your answer
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
Find the velocity given that the market is in equilibrium. MD1 is the relevant curve and it is given that the real GDP is 30,000.
An essay on Market imperfection associated with negative externalities.
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