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An electronics plant's production function is Q = 5LK, where Q is its output rate, L is the amount of labor it uses per period, and K is the amount of capital it uses per period. The price of labor is $1 per unit of labor, and the price of capital is $2 per unit of capital. The rm's vice president for manufacturing hires you to deter- mine which combination of inputs the plant should use to produce 20 units of output per period. a. What advice would you give him? b. Suppose the price of labor increases to $2 per unit. What e act will this have on output per unit of labor? c. Is this plant subject to decreasing returns to scale? Why or why not?
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest. Construct the exchange table for this economy. [M] Find a set of equ..
The efficient market hypothesis states that:
Which of following statements is true of a monopoly firm. Drug companies are engaging in price discrimination, but this might improve global social welfare if it gives more people access to drugs
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue. The Laffer curve is the curve showing how tax revenue var..
Explain how GDP is measured in your country - analyse and explain who would benefit directly and who would lose directly from such restrictions.
The utility function U(X1,X2)=X1^a + 2X2^b. Corresponds to preferences for perfect substitutes. All ordinary (non-Giffen) goods are also normal goods. (Hint: Use the Slutsky equation to support your answer). If consumer consumes only two goods, both ..
The US recently purchased $1 billion of 30-year zero-coupon bonds from a struggling foreign nation. The bonds yield 4.5% per year interest. Zero coupon means the bonds pay no annual interest payments. Instead, all interest is at the end of 30 years.
To extract the seller’s surplus, a buyer should design a bulk order offering the seller ________ up to the desired production.
The cost to a cinema owner of letting someone see a movie for free is
Why do cotton growers spend billions of dollars to dam rivers and transport water hundreds of miles to grow cotton in California deserts?
A perfectly competitive firm will operate and incur an economic loss in the short run if. A perfectly competitive firm's short-run supply curve is the same as its. f firms in a perfectly competitive industry are presently earning zero economic profit..
How much money must be invested in an account that pays 6% per year interest to be worth $20000 at the end of 8 years of (forgetting the leap years and making "convenient" assumptions) : Interest compounded semi-annually? Interest compounded quartley..
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