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Suppose that George operates a laundromat which requires two inputs, capital (K) and labor (L). His production function is
Q=3K^(1/3)*L^(1/3).
a) Suppose George desires to produce 90 units of output, the cost of capital is $1 and the cost of labor is $27. What is his optimal input combination?
b) Suppose George desires to produce 90 units of output, and the cost of labor is $27. What is is capital demand curve?
c) Suppose George desires to produce 90 units of output, the cost of capital is $1 and the cost of labor is $27. What is his price elasticity of capital demand?
If each economy specialized in its comparative advantage, what range of prices would bacon trade at in terms of eggs.
Suppose that each worker in the Home country can produce three cars or two TVs. Assume that Home has four workers. Graph the production possibilities frontier for the Home country. What is the no-trade relative price of cars at Home?
Suppose that over the past 50 years, the nominal and real deficit of a country grew from $100 billion to $200 billion. Suppose that, over the same time, real GDP grew from $100 billion to $300 billion. Using __________, we can give an accurate pictur..
A perfectly A Perfectly competitive firm has a MPL = 20-L. If P = $5 and w = $10/hr. What is the optimal quantity of labor demanded?
q1. besides elections and campaigns do the major political parties influence public values and ideas? do you think
Summarize the article "The war against the poor instead of programs to end poverty" by Herbert J.Gans in 400 words by following these steps: How the economy, the government and the political climate have participated in the war against the poor? Writ..
In the short run if the output growth is just 2% for two years and the equation determining the real interest rate changes to: r=4.5-%?Y, what money growth rate should the Fed aim for to hit its inflation target in that period?
Consider our simple model of a system of factory cities. Why is there more than one city? Does anyone in the region produce both shirts and bread? Why? Suppose transportation technology improves. What will happen to the system of cities, holding al..
Given your research and findings, are monopolies and oligopolies (firms demonstrating power) always bad for society? Be sure to provide real world examples of where this may be the case to strengthen your position.
He drove this car until 2003 when he bought a Honda Civic for $18,000. If the price index in 1969 was 36.7 and the price index in 2006 was 180, Illustrate what is the price of the Dodge Dart in 2006 dollars.
Discuss the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level
All of the following statements about banks in Zimbabwe in 2009 are true except-Political instability increased the risk of bank failures.
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