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Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape?
a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense? (Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
q.consider two countries japan and korea. in 1996 japan experienced relatively slow output growth 1 while korea had
The Paradise Shoes Company has estimated its weekly TVC function from data collected over the past several months, as TVC = 3450 + 20Q + 0.008Q2 where TVC represents the total variable cost and Q represents pairs of shoes produced per week. Describe ..
illustrate what is the corresponding marginal cost function. at illustrate what o/p is AVC at its minimum.
consider the problem of picking a price for an economics textbook. the marginal cost of production is constant at 20
If they charge same price in each market, what should be quantity sold in each market, equilibrium price and total profit.
Why profits encourage entry into purely competitive industries and explain how losses encourage exit from purely competitive industries.
Consider the following Specific Factors model. Suppose two countries, Home and Foreign, produce two goods, timber and televisions. Assume that land is specific to timber, capital is specific to televisions, and labor is free to move between the two i..
Suppose that in a particular country, GDP per capita was $ 10,000 in 1960 and $ 40,000 in 2008. Using the rule of 72 (not a calculator), approximate the annual growth rate of GDP per capita.
Using the Lagrangean multiplier approach calculate the optimal (i.e., service maximizing) combination of medical and social staff. Determine the optimal amount of service provided by BF.
Do some research on the Internet to determine what fiscal policy initiatives the U.S. government used to address the economic crisis of 2008-2009. Which initiatives seem to have been most effective?
Illustrate what happens to money supply, interest rates and economy in general if Federal Reserve is a net seller of government bonds.
Now allow Foreign and Home to trade with each other, at zero transportation cost. Find out and draw a graph of equilibrium under free trade.
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