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Assume that the production function is given by Y = AK0.5L0.5, where Y is GDP, K is capital stock, and L is labor. The parameter A is equal to 10. Assume also that capital is 100, labor is 400, and both capital and labor are paid for their marginal products.
1. What is Y?
2. What is the real wage of labor?
3. What is the rental price of capital (the amount of output paid per unit of capital)?
4. Find the real wage of labor when the available labor increases by 40% ceteris paribus.
5. As a macroeconomist for Country Picolia, you are asked to advise the government on an immigration policy which would lead to entry of more workers into Picolia. What advice would you give the government?
Graphically reflect the impact of changes in the non-income determinants of consumption spending on the consumption function.
Great post, you gave us a lot of useful information but how do you think that net exports will affect each of the items listed.
Illustrate what is the short-run supply curve for each firm in the company. What is the short-run supply curve for the industry as a whole,Qs.
Why is it important to adjust for inflation when comparing nominal quantities at different points in time. What is basic method for adjusting for inflation.
Draw a long-run average total cost curve. What other names does it have? Why? There are three separate regions of it. List and explain each of them. List the reasons for the left side of this curve.
What are the differences between the Federal Reserve and a National Bank (specifically, with regard to their intervention policies and powers for acting within the economy)?
Presuming IBM’s evolutionary perspective best represents the path to the future of change, speculate what MNE will eventually replace the idea of the globally integrated enterprise.
Include an example in which the government has used either economic or social regulatory activities. Illustrate do you agree with this regulatory activity.
Explain why each stakeholder group identified in question 1 is in favour of, or opposed to, SunCal's plans to build condominiums in the resort district and identify possible solutions to this dispute that might emerge if SunCal was to work collabo..
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
Increase in demand and increase in supply will lead to?:
Suppose for a moment that someone with legislative power decides to abolish Fractional Reserve Banking and passes a law that forces banks to only lend the money they own, that is M0. What would be the economy-wise implications of such a change in the..
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