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You are given the production function Y=F(K,L)=K1/3L2/3 . a. Convert the production function to a function relating Y/L to K/L. b. Consider two countries that have access to the same technology, the same quantity of labor and capital, the same production function given above, and capital depreciates at the same rate. Over a long period of time, suppose that one country has per-worker output 10 times more than the other country. Where does this difference come from? Quantitatively explain it using appropriate equations.
Using the Library, the Internet, and your course materials, briefly define and explain dynamic pricing. Select a company that uses (or has used) dynamic pricing and respond to the following questions
The rate of return on an investment in medical education
Two alternative investment proposals are under consideration for a vacant owner by Urban Development Corporation. Plan A would require an immediate investment of $120,000 and first-year expenditure for property taxes, maintenance, and insurance of $4..
There is no evidence that the bar owners ever directly communicated. Do you think this is a violation of Section 1 of the Sherman Act?
Twenty randomly selected statistics students were given 15 multiple-choice questions and 15 open-ended questions, all on the same material. The professor was interested in determining on which type of questions the students scored higher.
Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
The production function is Y = A ´ Ka ´ L1-a. If a = 0.3, and over the past year total factor productivity (TFP) grew 2.3 percent, capital grew 2 percent, and labor grew 3 percent, what was the growth rate of output?
In a competitive market free of government regulation,
Let market demand be given by the inverse demand function P = 300-2Q, where Q = q1 +q2 +...+qn. The cost function for each firm in the industry is c(qi) = F +20qi+q 2 i . Firms are Cournot competitors. Find each firm’s equilibrium output and profit ..
Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per mont..
Recently, the U.S. Supreme Court ruled that cities could have voucher programs that give money directly to parents, and the parents can then choose between competing schools: public and private. The idea for promoting such a ruling was to create comp..
Find Equilibrium GDP (Y). If potential GDP is 1950, is the economy in a recessionary or inflationary gap. Suppose that the MPC, falls to 0.75, so C = 0.85DI. Find Equilibrium GDP.
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