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Consider a production function of the form Y = AF (K, N, Z), where Z is a measure of natural resources used in production. Assume this production function has constant returns to scale and diminishing returns in each factor.
a. What will happen to output per head if capital and labor both grow but Z is fixed?
b. Reconsider (a), but add technical progress (growth in A).
c. In the 1970s there were fears that we were running out of natural resources and that this would limit growth. Discuss this view using your answers to (a) and (b).
q.country economic analysis report country for indiacollect the following data for the most recent year available1
When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax. As the size of a tax increases, the government's tax revenue rises then falls. Economists argue that restric..
Consider an economy with two sectors, high tech (H) and low tech (L), and three types of workers: scientists (S), managers (M) and blue-collar (B). S and B are the septic factors of the H and L sectors, respectively. Managers can work in both sectors..
q.q1. explain how do i calculate the midpoints and marginal costs of 1 thing in terms of the other and the other thing
Assume that the demand for product X is represented by the following equation: QDx = 400 – 5Px + 4Py -3Pz iii) Calculate the cross price elasticity of demand for Good Y and Good X if If you are told that Py = 25 and Pz = 50.
Suppose Mayor Emanuel proposes a project that will cost $200,000 today, $100,000 next year and 15,000 to dispose of it in ten years when the project is completed. Once finished three years from today, it is expected to generate a net income of 40,000..
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Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 per hour for the first eight hours she works and $15 an hour for each additional hour she works. What is the firm’s cost function? What are its AC, AVC, ..
The foregone value associated with the correct rather than the next best use of a given asset is called" a.) Opportunity cost b.) replacement cost c.) historical cost d.) currect cost What is the correct answer
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text). Select an economic phenomenon and determine which of the models d..
A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is. What is the number of units that should be produced and sold eac..
The fed fights inflation by. Lowering the long term real interest rate, which increase investment and spurs economic growth? Decreasing the monetary base, which raises the interest rate and increases saving?
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