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An economy has the following cobb-douglas production function: Y=K1/3L2/3. The economy has 1000 units of capital and a labor force of 1000 workers. Congress cannot dictate how many workers firms hire at the mandated wage. Given this fact, what are the effects of this law? What happens to employment, output, and total income of workers? Will congress succeed in its goal of helping the working class? Explain. do you think that this analysis provides a good way of thinking about a minimum wage law? Why or why not?
If you decide to hold $100 less cash than usual and therefore deposited $100 in cash in the bank, what effect will this have on checkable deposits in the banking system if the rest of the public keeps its holding of currency constant
Many states offer drivers an opportunity to customize their license plates for the price of a small premium paid to each state; these plates are known as vanity plates. When vanity plates were originally introduced in Texas they could be acquired ..
The four-firm concentration ration for the 494 breweries operating in the US is 91 percent, your team has put together a report suggesting that the merger does not present antitrust concerns even though the two firms each enjoy a 15 percent share ..
A university planner wants to determine the proportion of spring semester students who will attend summer school. She surveys 32 current students discovering that 12 will return for summer school.
A sum of $25,000 is deposited into a savings account that pays 8% interest compounded semiannually. Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever.
The income tax system in a country requires each citizen to pay 10% of income on earnings up to $40,000, and then pay 20% on any earnings over $40,000. If an individual has an income of $69971, then what is his marginal tax rate, in percentage te..
What is the total cost function T C (q)? What is the fixed cost? What is the variable cost? Find the average cost function, the average fixed cost function, the average variable cost function and the marginal cost function. Draw them in two separ..
Maintenance expenditures for a structure with a 20-year life will come as periodic outlays for overhaul of $4,000 at the end of the 5th year, $6,000 at the end of the 10th year, and $7,500 at the end of the 15th year. With interest at 8%, what is ..
Given the production function Y=AK^0.3L^0.7 if output grows by five percent, the capital input grows by five percent, and the labor input grows by two percent, calculate the Solow residual. Calculate the growth rates of output per worker and capit..
An engineering firm wants to sponsor a new lab at the local university. This requires $2.5 Million to construct the lab, $1.2 Million to equip it, and $600,000 every 5 years for new equipment. What is the required endowment if the university will ..
The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.Ps = 80 - Qs Pe = 100 - 2Qe Show that MRe = MRs = MC
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number ofdresses per week and L is the number of labor hours per week.
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