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Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to w=7 andr=7.
a) In which direction will the substitution effect change the firm's employment and capital stock?
b) In which direction will the scale effect change the firm's employment and capital stock?
c) Can we say conclusively whether the firm will use more or less labor? More or less capital?
Suppose that your utility function is given by (I) = ??n(4??) , where ??n(??) stands for the natural logarithm of x, and I is the amount of income you make in a given year. What is your expected utility if you do not have insurance to protect against..
Determine the market rate of substitution. (b) In your graph show the budget set. (c) If PX doubles, what happens to the budget constraint. Show this effect in your graph. (d) What is the meaning of the slope of the two budget constraints?
What curve would be shifted (demand or supply) and in what direction (left or right) if there was a decrease in the tax rate or interest income from 20% to 15%?
Would you expect the demand for a monopolistically competitive firm’s product to be more or less elastic than that for a monopolist’s product? Explain.
Which determinant of demand changes in the personal Computer marketplace as more persons become interested
q1. the price of a firms product increases from 5 to 6. as a result the quantity demanded of the product declines from
An irrigation return flow drain has sampling equipment that can be powered by solar cells or by running an electric line to the site and using conventional power. Solar cells will cost $14,000 to install and will have a useful life of 10 years.
If LFC sells chicken and biscuits as a meal deal, what price would be set for the meal deal which comprising both an order of chicken and an order of biscuits
What are the factor markets like for the automobile industry? What global pressures does the automobile industry face? Foreign competition?
A firm has the following relationship between the number of employees it has (E) and its daily output: Employees (E) output APE MPL VMPE 0 0 1 50 2 60 3 68 4 74 5 78 6 80 In the table above, calculate and enter the average products of labor (APE).
Illustrate what is the most effective process of decreasing the quantity of drugs consumed and decreasing the amount of drug-related crime.
Consider competitive markets, monopolies, and oligopolies. Illustrate what role does each of these play in an economy.
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