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Suppose the production function in an economy is Y = K^0.5L^0.5, where K is the amount of capital and L is the amount of labor. The economy begins with 64 units of capital and 16 units of labor. Use a calculator and equations in the chapter to find a numerical answer to each of the following questions.
How much output does the economy produce?
Elucidate why might an economist be skeptical of Billy's discrimination complaint. Billy works for the local piano-moving company part-time after school.
In a perfectly competitive factor market, a firm finds that the marginal factor cost of a factor of production is: The price paid by a firm for a factor of production in a perfectly competitive market:
In the film My Cousin Vinny, Vinny, a New York (out of state) lawyer, was able to practice law in Alabama and represent a client on a murder case—without the benefit of being admitted to Alabama State Bar. In the movie, Vinny was thrown in jail by t..
Other things equal, what effect will each of the following have on the equilibrium price level and the level of real output?
In the Full Employment and Balanced Growth Act of 1978,
Suppose Chen has demand Q = 40 – 2P for streetlights and Abby has the demand Q = 10 – (1/2)P for streetlights. The cost of building each streetlight is $19. How many streetlights are socially optimal? How many streetlights would be privately purchase..
f merging carried with it no cost advantage, determine the number of firms needed for the merger to be protable
What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
During 2009, the demand for LCD televisions appeared to be falling. At the same time, some industry observers expected that several smaller television manufacturers might exit the market. Use a demand-and-supply graph to analyze the effects of these ..
A small used delivery van can be purchased for $18,000. At the end of its useful life (eight years), the van can be sold for $2,500. Determine the PW of the depreciation schedule based on 10% interest using: Straight-line depreciation, Double declini..
If short-run economic profits are greater than zero for firms in a monopolistically competitive market, in the long run we expect:
The Fed's actions are subject to executive branch control. Politically controlled banks are better at fighting inflation than are independent central banks. The Federal Reserve is considered to be an independent central bank. The Federal Reserve Syst..
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