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Until the mid-eighteenth century when spinning became mechanized, cotton was an expensive and relatively unimportant textile (Virginia Postrel, "What Separates Rich Nations from Poor Nations?" New York Times, January 1, 2004). Where it used to take an Indian hand-spinner 50,000 hours to handspin 100 pounds of cotton, an operator of a 1760sera hand-operated cotton mule-spinning machine could produce 100 pounds of stronger thread in 300 hours. When the self-acting mule spinner automated the process after 1825, the time dropped to 135 hours, and cotton became an inexpensive, common cloth. Was this technological progress neutral? In a figure, show how these technological changes affected isoquants.
A local widgets firm hires you to analyze their cost structure. The firm's industry is nearly perfectly competitive in all requisite characteristics. The company has given you the short run cost functions from existing data: TC=800 +60Q-4.5Q^2+.15Q..
Draw and properly label a demand and supply curve. Indicate where the equilibrium Price and Quantities are located. How do things change based on the following scenario?
Suppose that 3M has the production function q=KL, and the input prices are given by r=$2, w=$3. The 3M wants to produce 600 unit of output and minimize cost of production.
Identify and define two economic indicators that reflect the strength of the economy (e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).
What is the difference between an A-rated bond and a B-rated bond?
Ferdinand Sludge has just written a disgusting new book, The Piggery. His publisher, Graw McSwill, estimates that the demand for this book in the United States is Q1 = 50,000 - 2,000P1, where P1 is the price in the U.S. measured in U.S. dollars.
Draw in the resulting equilibria or tangencies and join up all of these points. You have just constructed a price-consumption curve for good X. Can you understand why the curve is so called?
the city council of collegeville receives a petition from students complaining about the high rents in town. As s result the council creates a price ceiling that is $100 below the equilibrium price. What is the new market price
Let's consider a market in which two firms compete as quantity setters, and the market demand curve is given by Q = 4000 - 40P. Firm 1 has a constant marginal cost equal to MC1 = 20, while Firm 2 has a constant marginal cost equal to MC2 = 40.
Assume an automobile manufacturer can sell its pickup truck with or without a towing package. Customer Group A is willing to pay a maximum of $30,000 for the truck and $1,100 for the towing package. Customer Group B is willing to pay $29,000 for t..
a producer produces good y using a single input x according to the production function yxa where 0ltalt1. the producer
Use excel to find the covariance between the two variables. What does the covariance indicate about the relationship between finishing time and age?
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