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Suppose that manna from heaven falls faster and there is a one-time permanent increase in the rate of technological progress, so g rises to g’. What does this imply for the growth rate of output per worker over time? Explain in analytical and graphic terms.
Farmer brown produces eggs and milk on his farm. He initially produces at point A. HE WOULD LIKE to produce the same amount of eggs per day and increase his milk production by one gallon per day. how does the production possibilities curve ( ppc) ill..
If the government imposes a ceiling of $6 on the price of the firm's product, Illustrate what output will the firm produce also Illustrate what will be total profits.
Which of the following markets is closest to a perfectly competitive structure? When, in the long run, all firms in a perfectly competitive market structure use the same production technique, then: The only difference between a perfectly competitive ..
What kind of output gap does this economy have? How large is this gap? If the government wants to close the gap by changing autonomous taxes only, what should be the size and the direction of the change in T°?
Suppose the U.S. grows more slowly than Canada. The best medium term prediction is that the
The installed cost of a conventional electric hot water heater is $200. A family of four uses an average of 300 liters of hot water a day, which will require $350 worth of electricity each year.
The demand curve for a good is horizontal when it is:
Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?
following weekly demand and short-run cost functions:VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
Consider a Cobb-Douglas utility function of the type u(x,y) =x2y2. The prices of the two goods x,y are px = $2 and py=$4 consumers income is given by m=$100. find the optimal basket containing these two goods. find the demand functions for x. Must be..
There is debate going on concerning the latest version of Apple i-phone between Apple and the US federal government. A US magistrate in California has ordered Apple to unlock the phone of a deceased terrorist who killed several people. Ethically, do..
Suppose that the U.S. dollars-Chinese yuan exchange rate is fixed by the U.S. and Chinese governments. Assume also that labor is immobile between the United States and China due to high transportation costs. Which of the following situations is likel..
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