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Suppose that a company has a fixed proportions production function that requires it to use two machines and one worker to produce 1000 units per hour.
A) Explain why the cost per hour of producing 1000 units is 2v+w (where v is the hourly rent for the machines and w is the hourly wage).
B) Assume the company can produce any number of units they want using this technology. Explain why the cost function in this case would be TC=q(2v+w), where q is output of units per hour, measured in thousands of units.
C) What is the average and marginal cost of unit production (again, measure output in thousands of units)?
D) Graph the average and marginal cost curves for units assuming v=3, w=5.
E) Now graph these curves for v=6, w=5. Explain why these curves have shifted.
To explore the implications of this view, suppose that an economy consumes all wage income and saves all capital income. Show that if the factors of production earn their marginal product, this economy reaches the Golden Rule level of capital.
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show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
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the most important contributor to increases in the productivity of Americans labor over the 1929-2000 period was Illustrate what.
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The Federal Reserve had to resort to non-standard methods to try to stimulate the economy the last several years in part because:
A deposit of $ 40,000 is put in a savings account at an interest rate of 3%. The interest is compounded quarterly, Equal annual withdrawals are to be made from the account, beginning one year from now and continuing forever. What is the maximum annua..
Increasing the government budgetary surplus or decreasing the deficit is desirable in a period of:
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