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An economy has the production functionY= 0.2(K+ the square root of N)
In the current period, K= 100 and N= 100
a. graph the relationship between output and capital, holding labor constant at its current value. what is the MPK? Does the marginal productivity of capital diminish?
b. graph the relationship between output and labor, holding capital constant at its current value. Find the MPN for an increase of labor from 100 to 110. Compare this result with the MPN for an increase in labor from 110 to 120. Does the marginal productivity of labor diminish?
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What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation What term do economists use to describe this s..
A consumer enjoys two goods, X and Y. The price of X is $5 and the price of Y is $10 and the consumer has $1500 to spend on these goods. The utility function of the consumer is U = Y √x ; thus MUx = 1/2 Y/ √x and MUy = √x . What bundle of goods wi..
find the covariance between hourly wage X and education Y (measured in years of schooling) using the following summary statistics for a sample of 10 workers in a plant. xbar = 11.775 ybar=13.8 sum of (x-xbar)(y-ybar) = 103.55 sum of xy =1728.5
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Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a. Find q..
at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each da..
Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrow from one of them. You only receive 6 percent on funds you have deposited in the bank. Do the opportunity costs of borrowing and using your own funds differ i..
What is the profit maximizing (loss minimizing) level of output for Chan in the SR? ii) Calculate the total economic profit (or loss) that Chan. would receive at this particular level of output. You must show all of your work to r..
Based on the information for the U.S. for the period 1970 to 1983, the following regression results were obtained, GNPt = -787.4723 + 8.0863M1t r2 = 0.9912
Calculate autonomous expenditute. b. Calculate the marginal propensity to consume. c. What is aggregate planned expenditure when real GDP is 200 billion pounds d. If real GDP is 200 billion pounds, what is happening to inventories
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