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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.
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
Provide a report to management of the firm as to whether or not it should continue to operate at a loss?
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Suppose the ABC Corporation adopts a policy prohibiting its top-level executives, whose compensation packages-Use economic theory to analyze the incentive effects of this prohibition.
What kind of shocks could have caused this change to the money demand function? Determine the new interest rate and equilibrium level of output.
What is the present value of $300 to be paid in two years if the interest rate is 12%? What happens to reserves at Third National Bank if one person withdraws $2,000 of cash and another person deposits $750 of cash?
Which of the following strategies are used by businesses to capture consumer surplus? Nash equilibria are stable because
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
Suppose the level of autonomous expenditure, which we could call A, rises by AA. What is the effect on the level of equilibrium national income?
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