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Fred's Foundry is a price taker in both product and factor markets. The wage of unskilled workers is $10 per hour and skilled workers can be hired for $25 per hour. Assume that Fred hires 6 unskilled workers and 12 skilled workers and that the last unskilled worker hired raises output by 5 castings while the last skilled worker hired raises output by 10 castings.Is Fred technically efficient?
If Fred is not technically efficient, what changes in the number of skilled and unskilled workers should he make? Why?
If the price of castings is $2 each, is Fred allocatively efficient? Please answer yes or no and give your reason below.
Suppose that a store will sell 2000 boxes of bananas a week at a price of $12 per box. If the store raises its prices to $15 per box, it will sell 1500 boxes. What is the elasticity using the original formula? What is the elasticity using the midpoin..
Suppose (contrary to fact) that the Scottish independence referendum had passed, Scotland had become independent, and you became its finance minister. Your first order of business is to recommend a currency for Scotland.
Suppose the jeans industry is an oligopoly in which each firm sells its own distinctive brand of jeans, and each firm believes its rivals will not follow its price increases but will follow its price cuts. Draw and explain the demand curve facing eac..
What is the consumer price index (CPI)? How is it measured? What are the pros and cons of using the CPI as a measure of the cost of living?
A nation has a tax rate of 20% on the first $20,000 of taxable income, 30% on the next $30,000, 40% on the next $20,000 and then 50% on all taxable income above $70,000. Find the ATR of someone with a taxable income of $100,000. How much is a tax cre..
Mitchell's income is $150, the price of X is $4, and the price of Y is $2. Given these prices and income, Mitchell buys 20 units of X and 35 units of Y. Call this combination of X and Y bundle J. At bundle J, Mitchell's MRS is 1. Given these prices a..
787b stimulus bill approvedwashington-less than one month after president obama took office congress last night passed
The vast majority of new products fail. Estimates of failure rates range from 60% to 90%. Why? Isn't it reasonable to assume that the people working for the major food companies know this and thus take steps to ensure their new products are successfu..
Consider an economy described by the production function: Y=F(K,L)=K ^(.4) L^(.6). What is the per-worker production function? Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker,..
Since the cash flows compose a gradient series followed by a uniform series, solve the problem using those factors. Determine the FW of the cash flows.
A single-price monopolist sets price?
Melissa's utility function is U = min (L, E/2, 2T) where L are lattes, E are eggs, and T is toast. She is on a diet, and her calorie constraint for breakfast is Cbar = 600 calories. Suppose lattes have 300 calories, eggs have 100 calories, and toas..
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