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A production function is given by F(K,L) =2L(K)^1/2 (note output q= F(K,L)). In the short run K=25, and r =5, and wages are given by w. Derive the average cost, the marginal costs, and the total cost of this production function. Does it possess the property of diminishing marginal productivity of labor?
Show how the consumer’s opportunity set changes if income increases by $300. How does the $300 increase in income alter the market rate of substitution between goods X and Y?
you are hired by farmer vin a famous producer of bacon and ham to test the possibility that feeding pigs at night
use a principle or principles discussed in the course to explain some pattern of events or behaviour that you
cite three example of recent decisions which you made in which you at least implicitly weighed marginal costs amp
If the country imposes a specific tariff of t = 0.5 per unit of imported X, what are the equalibrium price, quanitity produced domestically, quantity consumed domestically, and quantity imported? e. Who gains and who loses fro the tariff? Does nati..
In 2002, the Ninth Circuit court agreed that the punitive damages were too high given a US Supreme Court decision that punitive damages should be commensurate with the actual damages.
When the Great Depression caused a slump in diamond prices, De Beers Consolidated Mines undertook successful efforts to control the world supply of uncut diamonds and to increase consumer demand for cut diamonds. The company was able to increase c..
When the unemployment rate is high, we would expect that:
Find Total Revenue or profit
Some economists have argued that if the government wishes to subsidize health care, it should instead provide predetermined sums of payments (based on the type of health care problems experienced) directly to patients, who then would be free to ch..
You are a policymaker tasked with tasked with deciding whether to adopt a carbon tax policy today in order to prevent possible future damages from climate change. (Assume for this problem only the policies in your country matter for climate-related e..
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
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