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Fifth Problem Earl sells lemonade in a competitive market on a busy street corner in Philadelphia. His production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where output is measured in gallons, x1 is the number of pounds of lemons he uses, and x2 is the number of labor-hours spent squeezing them. 1. Does Earl have constant returns to scale, decreasing returns to scale, or increasing returns to scale? 2. If he is going to produce y units in the cheapest way possible, what is the number of pounds of lemons he will use? How many hours of labor he will use? 3. What is the cost of producing y units at factor prices w1 and w2?
Draw supply and demand curves. Show the impact of an increase in demand on the price and quantity exchanged in the market. Show the impact of a decrease in demand on the price and quantity exchanged in the market.
individual industry like education, meat industry, tourism and agriculture. Choose any ONE industry in Australia from this list and discuss the reforms been done in that industry.
Argentina is considering constructing a bridge across the Rio de la Plata to connect its northern coast to the southern coast of Uruguay. Does this project provide sufficient revenues to offset its costs? What considerations are there besides economi..
Illustrate the effect of each of these proposed policies in a demand and supply diagram of the gun market. For each question, show the price paid by consumers, th eprice received by producers an dthe quantity of guns sold.
Illustrate what is the difference among a command economy also a market economy.
Suppose that you were a dictator. Describe a law that you could decree that would eliminate or reduce frictional unemployment but would likely reduce productivity, and explain why. Describe a law you could decree that would increase frictional unempl..
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is $ 25..
A pharmaceutical company has hired you to perform an economic analysis on a currently ongoing project. Experts from the company have estimated the market for the drug and thus the potential revenues for the drug are knows, but the relevant costs are ..
The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
According to a study of US cigarette sales between 1955 and 1985, when the price of cigarettes was 1% higher, consumption would be 0.4% lower in the short run and 0.75% lower in the long run (Becker et al., 1994).
McDonald's and its major competitors compete based: In terms of location decisions, firms evaluate the extent to which the labor force is unionized.
To make the case that one country has a comparative advantage over another country in the construction of a given good or service,
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