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Consider the following production function f(k,l) = k^1/3 + l^1/3
Suppose the government taxes labor at by an amount t per unit of labor. Rewrite the long run cost function including the tax.
q. 1. one of the approaches for the southern company to comply with the clean air act is to adopt fuel-switching
What are the key points in a short-run production function that delineate the three stages of production? Explain the relationship between the law of diminishing returns and the three stages of production.
The following events have their initial impact on which of the following: aggregate demand, short-run aggregate supply, long-run aggregate supply, or both short-run and long-run aggregate supply? Do the curves shift to the right or left?
Suppose there is a flood in St. Louis, Missouri, that destroys several beer bottling facilities. Which of the following would not be a direct result of this event?
Use Appendix A at the back of the text to show the compound annual rate of growth in earnings (n=4).
Explain how the quantity of executives demanded, the quantity supplied, and executive pay will change based on the above statement.
What are the strength of the neoclassical models of labor supply and labor demand. What are the weakness of the neoclassical models of labor supply and labor demand.
Define the concept of an externality. Why will unregulated market systems not allocate resources efficiently where externalities are present? Draw a diagram to illustrate the over allocation of resources to a market characterized by negative external..
A monopoly firm is free to charge any price it wishes. What constrains its choice of a price?
You take your first job out of college as an engineer with a salary of $58,000 per year. You decide to contribute $2,000 into your 401K retirement plan at the end of your first year (when you are 22 years old). If you continue to contribute annually,..
Your community has been chosen as the site of a new power plant that will be the source of electricity for the entire region. This power plant will be within a few blocks of your house, so you have been given the opportunity to help choose the type o..
Clearly explain the factors to consider as your "fixed factor" and alternative short term and long-term decisions. Submit your analysis in a one to three page paper.
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