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The current population of the United States is 318.9 million with 3% of the population is engaged in R&D at an eciency rate of 1/500 per million persons per year.
(a) If R&D is the only source of total-factor productivity growth what is the growth rate of total factor productivity in the United States?
(b) If the growth rate in output per person is 3.0% per year what is the value of in the Cobb-Douglas production function?
What's the effective annual return Friendly's earns on this lending business? If you were brave enough to ask, what APR would Friendly's say you were paying?
Revenue-sharing in professional sports. Assume that there are two grades of professional football players. There are a limited number of “stars,” whom the fans most want to watch, and an unlimited number of “non stars.” There are too few stars to ful..
According to Keynesian theory:
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What plant size will the firm choose in producing. Draw the firm's long-run average-cost curve on the diagram and define this curve.
In which directions are they pushing or pulling the U.S. economy? Also, do you think the gap between real GDP and potential GDP will widen or narrow?
Which factors make the strongest impact on your personal labor productivity, or that of your closest family member, if you don't have a job? What actions can a person take to increase his or her labor productivity?
The demand curve for rutabagas is a straight line with slope 23 and the supply curve is a straight line with slope 2. Suppose that a new tax of $3 per sack of rutabagas is introduced.
Define the marginal revenue product (MRPL ) and the marginal cost (MCL ) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.
Use supply and demand curves to analyze increase/decrease for the following scenarios? i) shift ii) movement iii) equilibrium price iv) equilibrium quantity. Coffee prices soar due to a shortage of coffee beans. Market: Donuts. Prices for next year a..
Industry-land was so named because it is highly industrialized. It is a world leader in production of manufactured goods. If industry-land put all its productive efforts into manufactured goods, it could produce 1,000 units per year. Draw a produc..
Mrs. Smith is earning a loss and should shut down in the short run. Mrs. Smith is earning a loss but should continue to operate in the short run. Mrs. Smith is earning a profit since the price is above the average variable cost.
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