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Consider the Isle of Lucy, a country initially characterized by government regulations that require detailed reporting of the activities of firms to the governement. Suppose, after years of stagnation, a new government is elected, and the new government announces a dramatic reduction in the reports firms have to file on their activities.
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following the reduction in government regulation. Explain your answer briefly. Make sure you label all axes and points of equilibrium.
However, rather than having data on individual workers, you have access to data on manufacturing firms in Ohio. in particular, for each firm, you have information on hours of job training per worker(training) and number of nondirective items produ..
Give a specific example for each ( US Companies ). Which one is better market from the stand point of producers? Which one is better market on the stand point of consumers?
Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions
How government intervention in the form of a tax on producers can make the post-policy outcomes even worse than the pre-policy position and explain the underlying economic logic of this proposition.
What is the price elasticity of demand for tours? Interpret your answer. Given this elasticity, should Breakaway increase prices to increase revenue? Explain.
In a complex assembly operation, it is found that the learning curve rate is 70%. The standard time of 3 minutes per assembly is reached after the 110th unit. Find i. The time required for the very first unit.
When appropriate, the optimal solution to a maximization linear programming problem can be found by graphing the feasible region and: finding the profit at every corner point of the feasible region to see which one gives the highest value.
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic product.
What are the losses to U.S. consumers, gains to U.S. producers, and deadweight loss and what quota level would have the equivalent effect on price as the $6 tariff
Suppose that MN Company is currently selling 300 units of Product SD per month. Management wants to increase sales and feels this can be done by cutting the selling price by $22 per unit and increasing the advertising budget by $20,000 per month. ..
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees),
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