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A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20. The firm's production function per day is Q (L, K) =4LK, while the MPL=4K and the MPK=4L. The firm wants to keep a constant production of Q0=400 units of output per day.
How do you compare the original cost in a) with the costs in c) and d)? Give the economic intuition behind these results.
What are those key objectives and what are the key tools the Fed plans to use to achieve those objectives?
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
The advent of the one man bus involved more capital equipment: an automatically operated coin box and door control device - to name two of the capital goods that replaced the conductor."
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Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
What will be the effect of this change in policy on both the real and the nominal interest rate in the long - run?
Essay on Market imperfection associated with negative externalities.
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
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