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Suppose that the production function for owner-operators in the truckload sector of the motor carrier industry required that capital and labor be used in fixed proportions: one driver with each truck.
(a) Identify the production function for owner-operator services and graphically depict the set of isoquants for this production function.
(b) Define the elasticity of substitution and discuss the extent to which capital and labor are substitutable for this production technology.
(c) Graphically identify the optimal use of capital and labor for a given set of labor and capital input prices, w and r respectively. What effect on the optimal capital-labor ratio will occur if the relative labor wages increase 10%, all else held constant?
(d) When truckload services are produced with this technology, what will be the impact on output if capital and labor increase 15%?
Assume which all other banks hold only the required amount of reserves. If Nan Bank Inc. decides to reduce its reserves to only the required amount, by how much would the economy's funds provide increase.
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Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Pecans or walnuts?
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Each cash flow is equal to $128,000. The nominal interest rate is 12% compounded semi-annually. What single amount on Jule 1, 2015 is equivalent to this cash flow system?
Who were the stakeholders primary also secondary most affected by Google's original decision to self-censor in China.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
(a) Assume good X is normal. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant. (b) Now suppose X is a Giffen good. Plot a graph to illustrate the income and substitution effects of an incr..
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