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Suppose the production function is Y = 100(K3/10)(EN)7/10 and capital lasts an average of fifteen years. The rate of population growth is 0.5%. The rate of technological progress is 2.5%. The saving rate is 5%.
A. Derive the equation for output per effective worker y = Y/EN = f(k), where k equals the amount of capital per effective worker. B. Calculate the steady state levels for each of the following:
(1) capital per effective worker,
(2) output per effective worker, and
(3) consumption per effective worker.
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
Corn is a key input in the poultry, dairy, hog, and cattle industry. Ellucidate effect has the sharp increase in the price of corn had on these industries.
Assume a country has been running a significant expansionary fiscal policy for several years. Monetary policy has not been particularly expansionary.
Plot both together on a supply-demand graph. Calculate the equilibrium P and Q, and show them on your graph as well. Also calculate CS (consumer surplus) at the equilibrium.
Some chains are requiring private owners or franchisees to make upgrades in their hotels, but they are having a difficult time enforcing the policy.
Illustrate what are the benefits of free trade. Who are the winners and losers when the government imposes tariffs and quotas.
So many states provide firms with an investment tax credit that effectively reduces the price of capital.
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If resources available for human consumption were out of limit, there would be no need for a subject field such as economics. Why do I say this?
A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2. a. How much output should the firm produce in the short run? b. What price should the fir..
What is the equilibrium level of income? Compute disposable income, consumption and aggregate demand.
Assume a monopolist faces the market demand function P=a-bQ. Its marginal cost is given by MC = c+ eQ. Suppose that a > c and 2b + e > O.
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