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(L,K)=K1/2L1/2 Also, in the short-run capital is fixed at K=16. You also know that the wage rate for workers is w=10, the price of capital r=20 and that the price for the product is P=100. How many units of Labor should this firm hire in order to maximize profits/minimize costs in the short-run?
Illustrate what do you think causes changes in each of the expenditure (spending) components of GDP thereby causing changes in our economy's output, employment, and income levels.
Decide whether the Demand for paint is elastic, unitary elastic or inelastic. Elucidate your reasoning also interpret your results.
Discuss two fiscal policy measures taken by the government that attempted to minimize the recession and provide for economic stabilization when the the economy apparently was heading for recession in 2007.
Southern Airways, a small regional airline, has a daily late evening flight into Atlanta. The plane must be in Atlanta at 8:00 am each morning for a flight into Richmond, Virgina. Unfortunately, the charge for a plane remaining overnight in Atlanta i..
One hundred dollar of interest is paid each month on an investment of $10,000. If interest is compound monthly, what is the accumulation at the end of two years?
Explain why some developing countries have a "fear of floating" and opt instead for a fixed exchange rate regime. What are the risks inherent in this decision?
Which of the following is found in the Eighth Amendment to the U.S. Constitution?
helping him to dig bait for fishing, and he also purchased five of John's mature banana trees for 30 clamshells each. What is the GDP of George and John's island in terms of clamshells
Discuss within your Learning Team how and why the U.S.'s deficit, surplus and debt have an effect on the following
Bob and Jane decide to open their own business selling ergonomically correct office furniture that Jane has designed. Assume they operate this business from leased office space near their home. Is Bob & Jane's economic profit different from their acc..
In the course of conducting a valid stop and frisk for weapons, if the police officer discovers evidence of another crime for which an arrest is proper, the officer:
You deposit $1,000 into an account at the end of each year starting at the end of year 1. This account earns 7% interest compounded annually. How much money will you have at the end of 8 years? Note: you will make the final deposit into the account a..
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