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Imagine a world with two goods, food (F) and shelter (S), and two factors of production, labor (L) and capital (K). Assume that labor and capital can be employed in either sector of the econ omy (the food sector or the shelter sector) and that these factors are completely mobile across the two sectors. Assume that the total supply of labor and capital in this world is fixed. Finally, suppose that before any taxes are imposed, the food indust ry is labor intensive. a. Consider a partial factor tax on capital used in the food industry (t KF ). Which factor will bear more of the economic incidence of the tax? Explain your answer. b. How would your answer to (a) change if the food industry and the shelter industry had the same factor intensity (K F /L F =K S /L S )? c. How would you answer to (a) change if capital was immobile (in other words, if labor could not move across the sectors)?
When most consumers and firms reduce spending only because they expect other consumers and firms to reduce spending, and a recession results, A. a real-business-downturn has occurred. B. a self-correction has occurred. C. a coordination failure has o..
Illustrate what are the advantages and disadvantages of acquiring inputs through this means. Give example not used in the textbook that uses this method of processing.
q.sara is a dot.com entrepreneur who has established a web site at which people can design and buy a sweatshirt. sara
Sketch the isoquant corresponding to an output level of 100 units What is the MRTS for this production function? Does the isoquant exhibit a diminishing MRTS?
If hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to the price of premium coffee.
Identify those who gave us the concepts of monopsony and human capital.
Find out industry's profit-maximizing cost and quantity. Illustrate what is its profit. industry's production manager claims that industry's average cost of production in minimized at an output of 40 units.
Explain your intuition as to why premia rise between April and September. Which of options above has lowest time value.
Please try to come up with real examples: it's not enough to say which savings account decreased.
One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they buy another copier or hire another worker?
Illustrate what do you think would occur when there is little or no competition is a marketplace
What is elasticity of demand for hamburgers at equilibrium. What are consumer surplus and producer surplus at equilibrium.
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