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Use the firm's isoquant-isocost diagram and the firm's marginal cost curve to explain and illustrate the output and substitution effects of a decrease in the price of labor. Use your results to prove that the firm's long-run demand curve for labor must slope downward. What will happen to the amount of capital employed by the firm when the price of labor decreases? Use output and substitution effects to explain the change in the amount of capital employed.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0.
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
What is the amount of the difference between the maximum premium and AFP, and what is this called?
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
Suppose we have a competitive market for a good with domestic demand and supply given by:
Find out an article which is related to health economics from health journal. Some possible sources include Health Affairs
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
There are 10 identical firms that have the common cost function c(y) = y 2 + 9. The industry demand function is given by X (P) = 200/
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
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