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Consider the following Cobb- Douglas production for red bean coffee. q=(l^0.2)*(k^0.5) a. intutively, why are cobb-douglas production function more appropriate representations of reality than, say, linear production functions ? b. based on the function above, is red bean cofee's business experiencing economies or diseconomies of scale? explain how uou arrived at your answer. c. if red bean cofee decided to boost labor by 15% and captail by 10%, how much will productivity increase? d. if red bean cofee wanted to boost productivity by 40% and already knew they were going to increase captail by 20%, how much would they have to increase their labor force to rach this production targer?
What has happened to real GDP per person in the industrialized countries over the past century? What implications does this have for the average person?
Provide a detailed summary of what you observed in regulations and management area of the business. Then describe any strengths and weaknesses.
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. What are the incumbent’s profits if it commits t..
In “Intellectual Property and Pharmaceutical Drugs: An Ethical Analysis,” Richard T. De George lays out what he comes to call the “Status Quo Approach” as a defense of copyright protection of pharmaceuticals. Do you find this argument persuasive ..
Assume you are an instructor of a college macroeconomics course. Using the Mitra Kalita (2011) article as a basis, compare and contrast the concepts of consumption, investment, and net exports in a PowerPoint presentation for your students. What impa..
Illustrate what about Italian labor-force participation rate and unemployment rate.
One stay-at-home mom laments, “Lots of career women think the only reason I’m staying home is that I’m not capable of doing anything else.” Evaluate this criticism. In other words, is it true that the only reason women don’t enter the labor force is ..
Why are trade agreements important for the various countries involved? How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation or a developing nation
Distant Shores has two natural gas wells. One owned by Dick and the other owned by Harry. Each well has a valve that controls the rate of flow of gas. The marginal cost of producing gas is $12 a unit. The table gives the demand schedule for Gas on th..
Solve for the Elastic demnd and derive the appropriate classification for this hypothetical product: (Show your work step-by-step to receive full credit)
Suppose the production of a good X damages the environment (i.e. there is a negative externality). Using a diagram, show the dollar amount of ineciency generated by the free market. Briefly explain how a corrective tax or subsidy policy could help re..
All 500 consumers in a market have identical demand for a product that is described by individual demand curves P=40-2q. A monopolist produces the product and has a cost function of TC(Q)=10000+8Q. What is the monopolist's maximum profit if it uses a..
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