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Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape?
a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense?
(Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
Consider a country called Hitech where new arrangements for making payments, such as credit cards and ATMs, have been enthusiastically adopted by the population, thereby reducing the proportion of income that is held as real money balances. a) Ass..
The price of cranberry juice suddenly increases. As a result, Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her.
Some years ago, conservation groups paid cattlemen in the Western United States to move their herds away from wild buffalo herds so that the buffalo would have more feed and would not have to compete with the cattle. What is the relevance of the Coas..
The market environment heavily effects corporate decision making ability. Define and explain the difference in executive decisions concerning pricing, product design,
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suppose that the t-account for first california bank is as follows.assets liabilitiesreserves 50000 deposits
What is elasticity of demand and how is the notion utilized in economics? Please explain and elaborate.
Assume now that the housing bubble bursts and consumer demand for new homes drops sharply. We model this as a negative aggregate shock a=-2%. Assume also that at the same time risk in the economy goes up as well increasing risk premium to 5%. What is..
Describe how to record business transactions using the accounting equation.
In the Solow growth model, from an initial steady state with fixed values of A, d, and n, an increase in the national saving rate causes the standard of living to
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