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In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use die rent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
(i) Provide a dentition.
(ii) Build the production possibility frontier for a two sector economy by using the same technique as in class (i.e. with the use of an Edge worth box) and by assuming that the two sectors use the same technology. Explain your answer.
(iii) Do the same as in (ii) when the two sectors use deferent technologies. Explain your answer.
Calculate the own price elasticity of demand for the demand curve P= 15-3X at prices and compare the outcomes.
what is the average product of capital and labor? what is the cost minimization choice of capital and labor if the firm decides to produce 144 units of output?
Which of the following do bankers take into account when determining how to allocate their assets? Check all that apply.
Is the Fed currently pursuing an expansionary, neutral, or contractionary monetary policy? What if any difficulties do you think may be encountered in implementing the current policy.
q1. explain and show graphically the effect on the supply and demand for bonds in a deflationary period. what is the
A petroleum engineer estimates that the present production of 400,000 barrels of oil during this year from a group of 10 wells will decrease at the rate of 15% per year for years 2 through 10. Oil is estimated to be worth $25 per barrel. If the inter..
explain why a rise in the price of gasoline is likely to have more of an effect on consumers than a rise in the price of strawberry milk shakes.
Illustrate that there are any extra costs or benefits due to this shift.
Consider a large country importing good X in the international market. The country is large enough to influence the international price for good X. Let the initial international price of good X be $100, where the country imports 100 units and produce..
Why these former employees faced difficulties because the market for their very technical skills was declining. These workers were.
Explain how does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete.
A market consequence of the establishment of a price floor program is that price will be:
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