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A firm production function is given by q = f(k,l) = k.l^1/2. Consider a short-run situation where the level of capital is fixed at k1. This firm’s profit function is of the form Π(p,v,w,k1) = a(w^b)(p^c)(k1^d) – vk1, where factor a is equal to [a]. (NOTE: write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. Add a leading zero when needed. HINTS: Use Hotelling’s lemma to derive this firm’s short-run supply function.
Benny decides to buy living room furniture worth $3000. He plans to finance the furniture for two years. The furniture store tells him that the interest rate is only 1%/mo/mo and his monthly payment is computed as follows:
Elucidate the multiplier concept as it applies in this case. Illustrate what are the qualifications and limitations of the multiplier model.
Create a table where Q equals 0, 10, 20, 22.5, 30, 40 50 and 55. In the table include Quantity, Price, Total Revenue, Marginal Revenue (where MR equals the change in TR divided by the change in Q in the table), MR where MR=a-2bQ (include an explanati..
Why are purchasing power parity numbers more meaningful than nominal numbers when comparing GDP's of different countries and GDP of people living in different countries? Why are foreign business activities more complex than purely domestic ones? What..
Goodspeed Automobiles manufactures 100 disc brake cylinders. At this output level, its marginal revenue is equal to its marginal cost. If the revenue per unit of output is $500 and the cost per unit is $350, its profit is:
If the Fed instead maintained the money growth rate from part a, what is likely to happen to inflation D. Which policy do you think is better in the short run? Which is better in the long run?
A perfectly competitive industry has a large number of potential entrants. all firms have identical cost structure and minimize cost at the same point where Min AC=MC. what will be the new market equilibrium price and quantity?
The second question on the Fair Labor Standards Act involves the criteria that make a job EXEMPT and the criteria of jobs that are NON EXEMPT. What Along with this you need to include two examples of jobs that are exempt and two that are nonexempt an..
Assume a competitive industry in long-run equilibrium. The industry exhibits increasing costs. All the workers in the industry earn the minimum wage. Suppose the minimum wage is increased by 15%. What is the short-run response of the industry and the..
Why was the Federal Reserve System set up with twelve regional Federal Reserve banks rather than one central bank, as in other countries? The Fed is the most independent of all U.S. government agencies. What is the main difference between it and othe..
Suppose an imaginary economy is represented by the following equations: Calculate the income- expenditure equilibrium level GDP. Suppose the level of planned investment spending (Iplanned) drops by $50 . What will the new equilibrium GDP be?
Suppose demand for a product Q = 1,200 - 4P and supply is Q = -200 +2P. Furthermore, suppose that the marginal external damage of this product is $8 per unit. How many more units of this product will the free market produce than is socially optimal? ..
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