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Under perfect competition firms take prices as given. In that case, and under constant returns to scale, firms make 0 profits in equilibrium. Show that this is true for the Cobb Douglas production function, when firms rent capital from households at a real interest rate r and hire workers at a real wage w. And what is the returns to scale for a. F(a,b) = min(a, b) b. F(K,L) = max(K,L) c. F(x,y,z) = xαy βz γ where α,β,γ>0 are parameters d. F(x,y) = ax + by where a,b>0 are parameters e. F(x1,x2) = (x1 + x2)^1/2 f. F(x1,x2) = (x1^2 + x2^2 )^1/2.
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Select a scene from your childhood that brings back happy memories. This might be the bedroom where you grew up, a park, a meadow or field, a vacation spot your family visited, a classroom, etc. Create two paragraphs presenting this setting to your r..
A competitive firm has the production function y = min{ √ L, √ K}, where L is labor and K is capital. Suppose that in the short run this firm must use 16 units of capital but can vary its amount of labor freely.
A new computer has a 4 year life span with an initial cost of $1,200 and a $200 salvage value. According to the straight-line depreciation method, what would the annual depreciation on the computer be? You buy a used Tesla Model S for $30,000. It is ..
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
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Theoretically, government spending should always result in ________ increase in GDP compared to a tax cut of the same size because
A hydraulic press has the book value of $10,143 in its fifth year of operation. The purchase price of the press was $21,512. If the minimum acceptable rate of return is 11%, what is the equivalent annual capital cost of the press at the end of its fi..
The total surplus (TS=PS+CS) under the old tax per unit was $2000. Next, government reduces the tax rate such that the total government revenue drops $200 below its previous value and DWL drops $100 below its previous value, what can be a possible ne..
Suppose that a monopoly computer chip maker increases production from 10 microchips to 11 microchips. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is?
Use the following equations for supply and demand to solve for the market equilibrium price and quantity, and produce a graph for the market. P = 1/2Qs + 2 P = −3Qd + 15. Suppose that a price floor of $9 dollars is imposed on the market; graphically ..
There are two firms in the market that produce pencils. The first firm’s marginal cost curve is given by MC1 = 0.055Q, while the second firm’s marginal cost curve is MC2=0.026Q. Society's benefits are given by 250-4.71Q. What is the consumer surplus ..
q1. illustrate what are the effects of awards paid to heirs of workers judged to have been worked to death in japan on
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