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Of the roughly 7 billion people in the world, more than 75 percent live in developing countries, and one issue of economic concern in many of these countries is that of population growth. In the summary report of the Population Reference Bureau's 2008 World Population Data Sheet, PRB president Bill Butz made the following comment: "Nearly all of world population growth is now concentrated in the world's poorer countries. Even the small amount of overall growth in the wealthier nations will largely result from immigration." Explain how rapid population growth can limit a nation's productivity. Are there any ways in which population growth can have a positive economic effect? Explain. Source: "2008 World Population Data Sheet," Population Reference Bureau, August 19, 2008.
suppose the hourly wage is $2 and the price of each unit of capital is $8. The production function is given by q = (E^1/2)(K^1/2) and the marginal product of labor and capital are MPe =(K^1/2)/(2E^1/2) and MPk =(E^1/2)/(2K^1/2) respectively.
Sheila budgets $9 per week for her morning coffee with milk. She likes it only if it is prepared with 4 parts of coffee and 1 part milk. Coffee costs $1 per ounce and milk costs $0.5 per ounce. How much coffee and how much milk will Sheila buy per..
In the model of monopolistic competition, we say that there is product differentiation. What does this mean, and how does it differ from the assumption of homogeneous goods in perfect competition?
an office receives 20 faxed orders every two hours.1 what is the probability that it will receive 8 orders in the
how much would you expect the equilibrium price paid by consumers to change? How much would you expect the equilibrium price received by producers to change?
Revenue at a major cellular telephone manufacturer was $1.4 billion for the nine months ending March 2, up 97 percent over revenues for the save period last year. Management attributes the increase in revenues to a 137 percent
The amount of water consumed each day by a healthy adult follows a normal distribution with a mean of 1.54 liters. A sample of 10 adults after the campaign shows the following consumption in liters: 1.35 1.68 1.76 2.00 1.84 1.84 1.50 1.82 1.86 1.6..
Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour. a. calculate Tom's opportunity cost of producing a ball. b. calculate Tessa's opportunity cost of producing a ball.
If a uniform shaft diameter of 100 mm is specified, determine the angle by which one end of the shaft lags behind the other end. Use G = 83 GPa for steel.
The consultants of Allcare Family Clinic (AFC) have determined that if the clinic hires two more practical nurses, without any other changes in its operation, it can increase the number of patients it treats during a week from 200 to 220.
What was the motivation behind the attack?
In (a) sketch the graph of the given function, and then draw the tangent line at the point P. (b) Using your sketch, approximate the slope of the curve at P, (c) Use (1) to determine the exact value of the slope at P.
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