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George caught 300 fish and 10 wild boars. John grew 300 bunches of bananas. The 2 person economy that George & John set up, fish sell for 1 clamshell each, boars sell for 10 clamshell each, and bananas go for 5 clamshells a bunch. George paid John a total of 30 clamshells for helping him to dig bait for fishing, and he also purchased five of John's mature banana trees for 30 clamshells each. What is the GDP of George and John's island in terms of clamshells?
The marginal revenue product of labor is: a. how much labor can be purchased with the revenue from the sale of one more unit of the good. b. how much does the marginal revenue change when you add more labor. c. the same as the marginal revenue produc..
Residents of a town take turns driving a water truck to a fire hydrant in a nearby town. They fill the truck with water and then haul it to a storage tank. Last year truck fuel and maintenance cost $3180.
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
The cost for loss of heat from the pipe per meter is $4.8/X1/2 per year. Here, X represents the thickness of insulation in meters, and X is a continuous design variable.
Employ an isoquant and isocost diagram and words to show how firms will respond to the decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
o Determine whether the change is an increase or a decrease. o Show the change in demand and/or supply on the graph of the initial equilibrium. (You will have one graph for each event.) Identify the result on the equilibrium price and quantity of den..
Using regression analysis, find an equation that best fits the data to represent the TVC function and at what sales/output level will marginal costs (MC) reach a minimum?
What motivated the producers of all the individual products in the store to make them and offer them for sale How did the producers decide on the best combinations of resources to use Who made those resources available, and why How does the market..
Which of the following best describes what happens when consumer income increases? Which of the following best describes what happens when the price of oranges increases?If the government gives each consumer a tax reduction equal to $600 (i.e. increa..
If the average shooter aims at someone, he will hit them half of the time. If the drunk aims at someone, then he will hit them only ten percent of the time. Once someone is hit, they are out of the game, with the winner being whoever is the last r..
Comment on the acceptability of the model's ability to pick up the systematic variation in your Fit period actual data and develop a one year forecast
You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?1. A surprise increase in investment spending 2. Catastrophic floods that ..
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