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Assume a (perfectly competitive) firm has production technology given by f(L, K) = √ L + √ K. Assume pK = 1 = pL and compute its (long-run) supply schedule. Where in the analysis do you invoke the assumption of perfect competition?
Social Security payments to retired persons is an example of: Answer A. a transfer payment. B. government spending shortages, and they always lead to deficits. C. income measured by using the value-added approach. D. a government purchase.
You own a car dealership in Chicago also are allowing for buying stock also have narrowed your choice to either purchasing stock in the Good Tires Company or American Bus.
Explain in detail the concept of excess burden and explain the factors significant in the calculation of the excess burden. What is marginal excess burden and why is it important concept for policy evaluation?
In the Jehle and Reny textbook (which I should add I have not read much of beyond a few sections of interest), a theorem stating that there is always a (mixed) Nash equilibrium in finite strategic form games is proven. Similarly, I would also suspect..
The value of cross price elasticity of demand between goods A and B is 0.75, while the cross price elasticity of demand between goods A and C is -1.38. Characterize A & B and A & C as substitutes or complements. Explain why this is the case.
Most analysts feel that the financial difficulties in East Asia were triggered by
A service station owner in Staten Island, NY, was worried that raising the price of gasoline would cause the quantity demanded to fall by so much that he would be in a worse situation than if he did not raise the price.
Which nation should specialize in which product. Explain how trading possibilities lines for each nation if actual terms of trade are 1 plum for 2 apples.
Germany and France produce guns and butter. Who has the comparative advantage in which good? You must show your work to get credit, e.g. by calculating the relative opportunity costs of guns in each economy. What is the range of exchange rates at whi..
Prove the Heckscher-Ohlin theorem. Assume two different sets of factors abundances for two countries and derive the resulting free trade triangle. Use the combination of words and graphs for the answer.
New York & Co. is considering a limited edition denim jacket. Because it is so special, the first few will sell for a very high price, the next for less, and so on. A curve on a graph is used to estimate the price of each jacket. The manufacturing eq..
Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $55,000 and her store made $115,000 in profits (not counting payment to her top manager). She suspected t..
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