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"Suppose the production of airframes is characterized by a CES production function: Q=(K^0.5 + L^0.5)^2 (MPL = (K^1/2 + L^1/2) /L^1/2), MPK = (K^1/2 + L^1/2) /K^1/2) Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost minimizing combination of labor and input for an airframe manufacturer that wants to produce 121,000 airframes."
A local video store estimates that their average customer's demand per year is P = 3.5 - 0.5Q (all customers are identical), and knows that the marginal cost of each rental is $0.5. How much should the store charge for an annual membership
a. Plot the supply and demand curves b. Calculate the equilibrium price and equilibrium quantity. c. Suppose the government imposes a price ceiling of $30 in this market. Determine mathematically and graphically the loss of social welfare.
Suppose Country A has a GDP of $4 trillion. Residents of this country earn $500 million from assets they own in foreign countries. Residents of foreign countries earn $300 million from assets they own in Country A. Compute: a.Country A's net forei..
Assume that Maria Moneybags keeps $1000 in cash in her sock drawer. Over the first year, the inflation rate is 10%. What is the real inflation tax paid by Maria for this year. What is the real inflation tax paid by Maria for the second year
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the p..
A perfectly competitive firm faces a market price of $10 for its output X. It owns two plants, A and B, whose total costs are TCA = 10+2X+.25X2,TCB = 15+.4X+.1X2. How many units should each plant produce to maximize profit at that price
Suppose that the low-skill job market is perfectly competitive and that the equilibrium wage and monthly output in the market absent government interference are $4.50 per hour and 1,000,000 hours.
S makes the first offer, with 4 bargaining rounds of alternating offers, and with S discounting 2% between each bargaining round. Compare bargaining outcomes when B discounts 10% between each bargaining round with B discounting only 1% between eac..
A $200,000 gift has been received by Harvard to support in perpetuity an annual professional ethics lecture series from its earnings. The administration says they should expect to earn 6% for the first 10 years, but being conservative.
2008 2009 Population 800,000 808,000 Number of hours worked 2,000,000,000 2,000,000,000 Real gdp 12,000,000,000 12,362,400,000 Real gdp per capita Labor productivity What was the growth rate of the population between 2008 and 2009
Assume that a state government currently provides no child care subsidies to working single parents, but it now wants to adopt a plan that will encourage labor force participation among single parents. Suppose child care costs are hourly.
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys 10 red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples.
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