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Suppose the firm's profit maximization problem is to choose the labor input N so at to maximize: π = zF(K,N) – wN, where the firm's production technology is given by Y = zF(K, N) = zK^α*N*(1-α) , and 0 < α < 1. Use comparative static analysis (and implicit differentiation) to generate the expression and appropriate sign of: dN/dz.
Download and Read "Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009." By N. Gregory Mankiw. After reading the article, answer the following questions: During the crisis of 2008-2009, the Obama's administration's stim..
Discuss how an imperfectly competitive firm resorts to price discrimination to maximize its profits. One of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Do you believe that is a valid critism? Discuss ..
When the colts won the super bowl the demand for peyton manning's jersey was: P = 210 - 0.002Q with a corresponding marginal revenue of: MR = 210 - 0.0004Q IF the marginal cost of producing a jersey is $10, how much are the trademark licensing rig..
Draw a Production Possibilities Frontier(s) to represent each of the following situations. The goods in question are ice skates and downhill skis.
Suppose that each worker in the Foreign country can produce two cars or three TVs. Assume that Foreign also has four workers. Graph the production possibilities frontier for the foreign country. What is the no-trade relative price of cars in Foreign?
Chris’s Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $390 million. The income statement shows that net income is $365 million and depreciation expense is $49 million. Calculate the end-of-year balance for..
why Marx calls it an ‘absurd tautology' that value of labour is determined by that labour. How can a tautology be absurd.
How might globalization and advances in information technology affect the trade- offs between technical and agency efficiency?
Between 2007 and 2009 the U.S. economy experienced a severe recession. In an effort to stimulate the economy, the federal government passed a stimulus package. Explain the federal government’s use of fiscal policy (the stimulus) to promote growth and..
Assume an open, mixed economy (C+I+G+X=real GDP) and an MPS of .2 What is the multiplier? if the government spending (G) increases by $50B, how much will the real GDP increase? If taxes also increase by $50B, consumption (C) will fall by how much?
Considering that poverty rates for some groups have gone down over the last 40 years, and have remained stable for everybody else, yet the overall poverty rate is still about 15%. Discuss whether you think we can ever get the poverty rate below 10%? ..
Suppose that spending an extra $2m on advertising by GE will reduce its expected profits by $1.5 m, regardless of whether Maytag enters or stays out. Would this additional spending on advertising achieve the effect of deterring Maytag from enterin..
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