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Provide a fully labeled graphical representation of an export tax on natural resource flows from a small country. How much is supplied in total? How much is supplied to the local market and how much to the international market before and after the tax? Identify the welfare effect on local producers and consumers and government tax revenues that result from the policy. Discuss why a government would implement such a policy?
The economy has no government expenditure and does not have any foreign trade at present but it does have investment expenditure, which is constant at €150. Determine the equilibrium level graphically
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently? Why or why not?
Adam Sandler has a utility function U(C, L) = C1/3L1/2. The wages now available to him are $9/hr. Non-wage income in royalties are $6 a day. Find the MRS for Leisure to Consumption to find the optimal ratio of Leisure to Consumption. Write out and dr..
You are the CEO of a firm that has manufacturing facilities in an emerging market. Suppose that country's government decides to impose trade restrictions requiring that all companies be majority-owned by domestic firms. What actions would you take..
The monetary return to an additional year of experience will be higher for workers in the primary sector of the labor market than for those in the secondary sector. A union’s contract zone will be wider the more inelastic is the labor demand curve.
Suppose you are given the following Total Product Function: ,where Q=100K ^ 3/2 L ^ 4/2 M ^ 4/7 is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Average products..
Give an example from your workplace or personal experience of the law of diminishing marginal productivity. How might managers use the concept of diminishing marginal productivity to improve efficiency?
As a result of the American workers' ability to sell their labor though a union, profit-making firms must pay wages:
Can an individual be both pro-union and pro-employer, or does being pro-union mean one has to be anti-employer? Can an individual be anti-union and still legitimately claim to support pro-employee interests?
Find the output you should produce in order to maximize your expected profits so that you can then determine your expected profits accurately.
There is currently 20 identical firms in a perfectly competitive market. Each firm has a cost function of the form: SC(q) = 10q2 +200q + 7000. The market demand is P = -4QD + 3000. Find the short run equilibrium price, market quantity, and firm quant..
Describe how free market features could be introduced to help alleviate the social problem through free market operations of supply and demand. Discuss the risks of introducing market mechanisms of supply and demand in situations where.
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