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According to the chief engineer at the Zodiac Company, Q = ALK , where Q is the output rate, L is the rate of labor input, and K is the rate of capital input. Statistical analysis indicates (regression analysis) that = 0:8 and = 0:3. The rm's owner claims the plant has increasing returns to scale.
a. Is the owner correct?
b. If were 0.2 rather than 0.3, would she be correct?
c. Does output per unit of labor depend only onand ? Why or why not?
Explain why do people routinely stuff themselves at â. all-you-can-eat-buffetsâ. Elucidate in terms of both utility and demand theories.
Suppose the demand function (D) for golf clubs is: Q = 240-1.00P, where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold..
What is the amount you can withdraw at the end of 20 years if you make $1,500 monthly deposit at a nominal annual rate of 6% compounded monthly? For retirement planning, you decided to deposit $1,000 per month and increase your deposit by $100 per mo..
Which of the following is unlikely to cause a reduction in lending?
The terms of the loan are not renegotiated, so the borrower has a guaranteed nominal interest rate of 10%. What is the expected real interest rate for this loan?
After accepting your recommendation not to pursue the 2024 Olympics (hint, hint), Mayor Strange comes to you with another idea. The Jacksonville Jaguars are considering moving to Montgomery. They have said they will do so if the taxpayers of Montgome..
Using any relevant information below, calculate GDP via the expenditure approach. Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say that the production of goods and services in Nowhereland has increa..
An electric utility is considering two alternative proposals for new sources of energy. One is a major hydroelectric dam (a 70-year project from construction to end-of-life); the other is a thermal power plant (a 35-year project from construction to ..
Explain with the labor market model the reason why the empirical evidence shows that there is no high productivity growth coming with low unemployment in historical data?
The monopolist’s marginal revenue is different from the one facing a firm in perfect competition because: (a) The price elasticity he faces is less than unity; (b) The price elasticity he faces is equal to unity; (c) The price elasticity he faces is ..
Some business owners make a statement something to the effect, "We're too busy to bother with strategy. We have to take care of the present." What might be wrong with their reasoning?
A goal of expansionary monetary policy is to: Lower interest rates are generally charged on more risky investments and on securities that have longer maturities. The barter system requires the double coincidence of wants to be fulfilled.
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