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A perfectly competitive firm has Marginal Rate of Technical Substitution for labor with capital K/L . That is ?MRTS?_LK=K/L. The prices of labor and capital are P_L=1 and P_K=2 dollars respectively. The firm has decided that the lowest total cost they want to incur is TC = 20 dollars. What is the optimal amount of labor and capital the firm will employ?
Illustrate what is the quantity of economic investment that has resulted from BBQ's actions
Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run?
Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the yea..
How would you evaluate monetary policy and fiscal policy today? Is monetary policy contradictory with fiscal policy? Why or Why not? Support your analysis with examples.
An outcome that can result from either a price ceiling or a price floor is:
You observe a positive relationship between price that your store charges for CDs and total revenue from CDs. Is demand for your CDs elastic or inelastic.
Solve graphically: Show an increase in real interest rates that decreases quantity supplied of savings. (m2=0)
In the Solow growth model, suppose that the marginal product of capital increases for each quantity of the capital input, given the labor input. That is, we relax the assumption that there are diminishing returns to capital and instead assume there a..
It seems that bounded rationality models focus on explaining a particular psychological bias, in a very specific way. In particular, its seems that the state of the art consensus is that one size does not fit all. The prevalence of framing effects ma..
What are definitions for Social Democracy, Communism, Mercantilism, Institution, Informal Institution, Formal Institution?
Analyze the business cycle. What are the determinants of aggregate demand? Examine changes in aggregate demand and aggregate supply, using the data from Step 1 and Step 2. How do these changes affect the business cycle?
Products become obsolete and are replaced by new goods, such as the typewriter. Draw supply and demand graphs and describe what results when this occurs.
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