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Consider two competitive economies that have the same quantities of labor (L = 400) and capital (K = 400), and the same technology (A = 100). The economies of the countries are described by the following Cobb-Douglas production functions:
Economy E: Y = 10L2/3K1/3
Economy W: Y = 10L1/3K2/3
1. Which economy has the larger total production?
2. What is the total production for the larger economy
3. In which economy is the marginal product of labor larger?
4. What is the Marginal Product for the economy which has the larger Marginal Product of labor
5. In which economy is the real wage larger?
6. In which economy is the labor's share of income larger?
7. How much is the total labor share for the economy with the larger labor share.
Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically. If all other things are equal, what is the likely effect on the poverty rate
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Your firm currently uses 69 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is 100 per day. Fixed costs are $2100 per day. What is to..
Derive the quantity produced by each firm in the long-run equilibrium and what is the long-run equilibrium price
do you believe global currency would redistribute wealth among all countries? if global currency was backed by a fixed
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Which of the following is true for perfect competition but not true for monopolistic competition and monopoly. a. MC = MR. b. P = MC. c. Positive long run profits. d. Both b and c.2. Profit margin equals: a. marginal cost minus marginal revenue. b. a..
Now, suppose the U.s. government wants to buy enough wheat to raise the price to $350 per bushel With this drop in export demand, how much wheat would the government have to buy? How much would this cost the government?
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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