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Assume a (perfectly competitive) firm has production technology given by f(L, K) = √ L + √ K. Assume pK = 1 = pL and compute its (long-run) supply schedule. Where in the analysis do you invoke the assumption of perfect competition?
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium price?
Define the marginal revenue product (MRPL ) and the marginal cost (MCL ) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.
Calculate the deadweight loss from the tax. Elucidate the tax be defensible in spite of the deadweight loss.
From one year to the next nominal GDP rises and the GDP deflator falls. Which of the following exclusions from GDP suggests that GDP is underestimating our material well-being? Full employment is typically associated with:
Economists usually do not favor subsidies on specific products or in-kind payments to help low income people.
Suppose that a producer raises the price of a good from $8 to $15, and the quantity sold drops from 250 to 40 units. Is the demand for the good is elastic or inelastic?
Many countries take a major terminology such as ICD and customize it to suit their local needs. Discuss the costs and benefits of this approach from an individual country’s point of view. What could the impact of Localization be on the collection of ..
Electrotech, a maker of household smoke detectors, buys resistors for its smoke alarms for $.15 each. The resistor manufacturer marks-up the resistors from $.10. Does the resistor manufacturer’s mark-up necessarily represent profit?
In the land of free trade, the public does not view all industries as equal. Do you believe that is ethical? Do you believe that some industries are unfairly targeted? Become an advocate for either the consumer or the industry. Prepare an argument ex..
By defining its business as printing books instead of empowering imaginations, a children's book publishing company would more than likely experience.
Compute, to the nearest integer, the long run equilibrium price and quantity. In the long run equilibrium, what quantity does each firm produce? Compute, to the nearest integer, the number of firms that would have entered the market.
Historical data suggests that a trend toward ________ natural employment ________.
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