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2. a) (2) For the following firm production function, indicate whether the production function exhibits decreasing, constant, or increasing returns to scale. yi is the firm i's output, ki is the firm's capital input, and li is the firm's labor input. yi = (ki + li) 0.5. b) (2) Draw the firm's isoquant for yi = 1 and yi = 2. c) (2) Where both the wage rate and the cost of capital have values equal to 1, give the firm's cost function. 3. (4) Consider the following firm production function yi = Y0.05 (ki + li), where Y is the output of the industry in the city where the firm is located. a) (2) Draw "qualitatively" the firm's average and marginal cost curves, and indicate the effect on them of an increase in Y. b) (2) Draw "qualitatively" the average and marginal cost curves of the industry in the city where the firm is located.
How are the Ebola crisis, the ISIS crisis and the Russia/Ukraine crisis affecting the US economy Asteria and class? Will Ebola be contained in the US?
when the price of a good is 5 the quantity demanded is 100 units per month when the price is 7 the quantity demanded is
The excitement following the first report of the world eradication of smallpox in the 1980s was tempered by reports of the difficulty of achieving the same for other infectious diseases
Presume David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y).
A bank currently has $70,000 in deposits, $6,000 in cash in the vault, $12,000 on deposit with the Fed, and $7,000 in government securities. The needed reserve ratio is 20 percent. Answer these questions: What could keep the expansions from happening..
Robert G. Flanders Jr., the state-appointed receiver for Central Falls, RI, said his city’s declaration of bankruptcy had proved invaluable in helping it cut costs. Before the city declared bankruptcy, he said, he had found it impossible to wring mea..
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
suppose that marginal utility of good a is 4 times the marginal utiltiy of good b but the proce of good ais only 2
There are two goods in the world, pumpkins (x1) and apple cider (x2). Pumpkins are $2 each. Cider is $7 per gallon for the first two gallons. After the second gallon, the price of cider drops to $4 per gallon.
You're BioMed's resident economic expert. Harry the CEO is asking you to complete a time-sensitive project that another person, Selwyn, had started working on before he retired. Harry explains that BioMed has a manufacturing plant that produce..
Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these two..
If someone said "My personal economic theory is live below my means..." what does this mean and what implications does t.is have for that person's economic future?
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