Kind of return to scale was the admiral discussing

Assignment Help Business Economics
Reference no: EM131092304

To speed relief to isolated South Asian communities that were devastated by the December 2004 tsunami, the U.S. government doubled the number of helicopters from 45 to 90 in early 2005. Navy admiral, Thomas Fargo, head of the U.S. Pacific Command, was asked if doubling the number of helicopters would “produce” twice as much relief. He predicted, “Maybe pretty close to twice as much” (Vicky O’Hara, All Things Considered, National Public Radio, January 4, 2005). (1) In terms of “production” of relief, what kind of return to scale was the admiral discussing? (2) Assuming that “production” of relief requires only helicopters and pilots, draw an isoquant that illustrates the production process

Reference no: EM131092304

Questions Cloud

Move the market towards monopolistic competition : Keeping with this discussion, an understanding of market power and its impact on price and quantity are important. Market power is important in determining when a firm has monopoly power and when to enforce anti-trust policies. Why would a firm in a ..
Labor demand for wheat production and the market wage rate : A country produces two crops– paddy and wheat. Given the price of paddy(Pp) and wheat(Pw), the relationship of labor allocation is shown as MPLpXPp = MPLwXPw = w, where MPLp and MPLw are marginal products of labor for the two. If wheat’s price increa..
Design is systematic process : What is meant by the statement the questionnaire design is a systematic process? Indicate functions of (a) screening questions, (b) warm-ups, (c) transitions, (d) “skip” questions and (e) classification questions?
Firm should change the ratio of inputs it uses to lower cost : A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines, K, and workers, L. The isoquants have the usual smooth shape (bowed towards the point of origin). The machine costs $1,000 per day to run and the worke..
Kind of return to scale was the admiral discussing : To speed relief to isolated South Asian communities that were devastated by the December 2004 tsunami, the U.S. government doubled the number of helicopters from 45 to 90 in early 2005. In terms of “production” of relief, what kind of return to scale..
After the implementation of the tax : When the price of wine is $10 per bottle, Tom purchases 30 bottles every month. Later, the government introduces a 50% tax on all alcoholic beverages, which is to be completely borne by consumers. This reduces Thomas's consumption to 16 bottles of wi..
Find the efficient gmm estimator : Define the 2SLS estimator of β, using zi as an instrument for xi. How does this differ from OLS? Find the efficient GMM estimator of β, based on the moment condition E(zi (yi - xiβ)) = 0. Does this differ from 2SLS and/or OLS
State the multiple regression equation for given data : GB513 State the null and alternative hypotheses - State your decision rule and test your hypotheses and state your conclusion.
Comparison and contrast between dispositional : The Role of Personality in Affecting situational behaviorii) Personality characteristics attributed to dispositional and learning personality

Reviews

Write a Review

Business Economics Questions & Answers

  What is the marginal cost of the last bucking bronco.

Write the print f C Code which will display the output with three spaces preceding it. Illustrate what is the marginal cost of the last bucking bronco produced.

  Move the market to its long-run equilibrium

Suppose the firms in a monopolistically competitive market are incurring economic losses. What will happen to move the market to its long-run equilibrium?

  What about longer term dynamics of the global economy

What about longer term dynamics of the global economy? What might be those benefits or losses

  Factors that influence international trade

World trade has grown substantially in the last 60 years. For example, while world output grew at an annual rate of 3.8% per year between 1950 and 2003, world exports grew at 10.8% per year over the same time period. Which of the following help to ex..

  Allocations relative to initial endowment

Specify the set of mutually beneficial allocations relative to the initial endowment and illustrate the set.

  What is the rate of return-including the government match

Agriculture and Agri-Food Canada implemented a farm savings plan called AgriInvest that would help farmers navigate shallow losses (differences between revenues and expenses that are not extreme). What is the rate of return (on the first 22,500 contr..

  Q1 illustrate the positive part for us economic by getting

q1. illustrate the positive part for us economic by getting the oversea factories back?q2. illustrate does the fed get

  Elucidate the dynamics through which an increase

Elucidate the dynamics through which an increase in the stock of money affects real output and the price level in the short run.

  Q1 explain why each of the following statements is true

q1. explain why each of the following statements is true false or uncertain according to economic principles.suppose

  In looking at market structures we often see that monopolies

In looking at market structures we often see that monopolies are sole providers of a good or service. In looking at utility companies, why are they typically awarded the ability to be monopoly from government?

  Alejandro scoobert owns a store specialization in soccer

Alejandro scoobert owns a store specialization in soccer jerseys. Illustrate what was the value added to Alejandro store in 2008.

  Calculate the inflation-adjusted principal at the beginning

Consider an investor who, on January 1, 2016, purchases a TIPS bond with an original principal of $100,000, an 8 percent annual (or 4 percent semiannual) coupon rate, and 10 years to maturity. From your answer to part a, calculate the inflation-adjus..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd