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In a simple scenario with only two factors of production, suppose that capital's share of income is .4 and labor's share is .6 and that annual growth rates of capital and labor are 6 and 2 percent, respectively. Assume there is no technical change.
a. At what rate does output grow?
b. How long will it take for output to double?
c. Now suppose technology grows at a rate of 2 percent. Recalculate your answers to ( a ) and ( b ).
There are various estimates for the amount of jobs saved by the federal government's stimulus plan the American Recovery & Reinvestment Act (ARRA) of 2009. (a) According to the Council of Economic Advisors' report from January 2010.
You are the manager of a firm that receives revenues of $30,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross-price elasticity of demand between product Y and X..
Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. Assume that the supply and demand curves for oil are linear. The current estimates of the price elasticity of supply and demand in the U.S..
The expression "2/10, net 30" means that the customers receive a 2 percent discount if they pay within 10 days; otherwise, they must pay in full within 30 days. What would the sellers's cost of capital have to be in order for the discount to be co..
Calculate the present worth (year 0) of a lease that requires apayment of $20,000 now and amounts increasing by 5% per year through year 10. Use an interestrate of 14% per year.
Acme Container Company produces egg containers that are sold to egg distributors using capital and labor. At Acme the marginal product of labor is: MPL=15 while the marginal product of capital is: MPK=10. Workers at Acme earn $10 hour (w=$10), whi..
Real Disposable Income Planned Real Consumption 0 3,000 2,000 4,400 4,000 5,800 6,000 7,200 8,000 8,600 10,000 10,000 12,000 11,400 14,000 12,800 Refer to Table 12.1. The table gives the combinations of income and consumption.
Based on the comparison of last year's results from Wal-Mart, Costco, Target and the retail industry, what would your expectations be about Target's revenue growth, gross margin, operating margins, and number of employees this year?
What additional procedures would an auditor perform if a majority of sales came from a single customer?
What would be the hypothetical price calculated for this firm? Suppose the profit rate was 20 percent how would the price change? (Related to Application 3 on page 376.)
Consider the market for taxi ridesin a particular metropolitan area. a) Suppose that, when the price permile increases by 40%, total miles demanded falls by 30%. Solve for the price elasticity of demand.
Plant A is much more highly automated than plant B, which in turn is more highly automated than plant C. For each type of plant, average variable cost is constant so long as output is less than capacity, which is the maximum output of the plant.
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