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Suppose the aggregate production function for a country is given by: Y = A K^0.5 N^0.5, where Y = total output, A = total factor productivity, K = capital and N = labour. Also, suppose the aggregate labour supply for the country is given by w= Ns / 5, where w denotes the real wage and NS denotes aggregate labour supply. Assume that the price level P = 1.
(a) Using calculus derive an expression for aggregate labour demand. Express aggregate labour demand as a function of real wage (w).
(b) Assuming A =20 and K =50, solve for equilibrium real wage (w) and full-employment level (N)
How can use the criteria for evaluating alternative methods of government finance to assess the most important revenue proposals of the 2018/19 budget.
Three alternatives have the following cost and annual benefit data associated with them: Data Alt. 1 Alt. 2 Alt .3 Useful Life, Years 10 10 10 First Cost $1,325,000 $1,980,000 $1,650,000 Annual Benefit 265,000 589,000 435,000 Annual M&O Costs 95,000 ..
Find the amounts of each inputs that maximize revenue (ie the price times the quantity of output produced from those amounts of inputs) minus the cost.
What is the profit-maximizing solution? What is the profit-maximizing quantity? What is the profit-maximizing price? What is the firm's economic profit?
A seller is willing to sell a product only if the seller receives a price that is at least as great as the...
Discuss an activity or process or product of Wal-Mart that exhibits economies or diseconomies of scale. Describe the source of the scale economy.
Use AD and AS curves to explain the effects on the equilibrium price level and equilibrium level of output in the short run. An contractionary fiscal policy with the economy operating near full capacity. A expansionary monetary policy during a period..
If planned investment falls by? 100, how much does the equilibrium level of output? fall
if the long run aggregated supply is drawn at an economy's natural rate of unemployment, how can any points on the short run aggregated supply lies to the right of long run aggregated supply?
Step 1 Create a diagram of the U.S. banking system and the Federal Reserve System.
Name a product you purchased that would be part of the monopolistic competition market structure. Why do you think it is part of this market structure?
Suppose that a monopoly has fixed costs of $1000 and marginal cost of $100. They face a straight market demand curve that runs from $500 on the price axis to 1000 on the quantity axis. Plot their demand, marginal revenue, marginal cost and average..
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