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(Productivity) As discussed in the text, per capita GDP in many developing countries depends on the productivity of land there. However, many richer economies have little land or land of poor quality. How can a country with little land or unproductive land become rich?
Suppose that on a Saturday night there are 20 people who'd eachlike pizza. Each person's willingness to pay for pizza is given bythe equation W2Pi=10-Qi, where W2Pi is the maximum amount person iis willing to pay for pizza number Qi
Joe runs a farm. He rents the land for $100 a day, and he can hire workers for $20 per day for each worker. His short run production function is given in the first two columns of the following table.
If the cross-price elasticity of aluminum with respect to steel is 2.0:a) what happen to the quantity demanded of aluminum if the price of steel increases b) Are aluminum and steel substitutes or complements
Suppose the own rice elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will cha..
We want to determine if the training program was effective. Give the hypotheses for this problem. Compute the test statistic. At 95% confidence, test the hypotheses. That is, did the training program actually increase the production rates
Part of the policy response to the crisis was an extension of the length of time that an unemployed worker could receive unemployment benefits. How would you predict this change would affect the proportion of those unemployed more than six months?
What are situational chic's? Are they compatible with universal ethics? Are they likely to be better developed in shame cultures? Why?
What are the average lifetime search costs for an individual who uses money to make exchanges?
What is the total cost function T C (q)? What is the fixed cost? What is the variable cost? Find the average cost function, the average fixed cost function, the average variable cost function and the marginal cost function. Draw them in two separ..
If the Fed's inflation target is 2 percent, potential output growth is 3.5 percent, and velocity is a function of how much the interest rate differs from 5 percent: % ? V - 0.5 A (i - 5) Suppose that a model of the economy suggests
What is the effect of an increase in the price of CDs on the purchase of magazines and cappuccinos? What does this suggest about the relationship between CDs and these other commodities; are they substitutes or complements?
Where PX is price of donut; PC is price of coffee; M1 is Ross's income; M2 is Jennifer's income. Suppose Price of coffee is $10, Ross's total income is $1000 and Jennifer's total income is $2000. A) Find market demand function for donuts. If marke..
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