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1. Short-run production functions, with equations. Suppose the production function for neon signs is given by: Q = f(K, L) = KL - 0.8K2 - 0.2L 2
(a) Suppose that capital is fixed at K = 10 in the short run. Find the expression for the average product of labor (APL).
(b) Again assuming that K = 10, determine the expression for the marginal product of labor (MPL).
(c) Graph both the APL and the MPL curves on the axes. (You can assume that 10 = L = 40; otherwise output is negative.) Label all horizontal intercepts of both curves. What is the economic significance of the level of labor at which MPL = 0?
Find the optimal quantity of football fields when the marginal rate of transformation between football fields and the numeraire is 150. Also, find the optimal quantity when the marginal rate of transformation is 50.
In a Markov Switching Model, what is the difference between increasing the number of regimes and increasing the order of the Markov chain? Which one will you choose to improve the forecasting performance of a first-order Markov switching model wit..
Draw her budget line. If she receives $100 in food stamps and $200 in a housing subsidy (which she can spend only on housing), how do her budget line and opportunity set change?
where C represents consumption, DI represents disposable income, I represents investment, G represents government purchases, T represents net taxes, Y represents real GDP, X represents exports, and IM represents imports.
Lucas Clinic's last dividend (D0) was $1.50. Its current equilibrium stock price is $15.75, and its expected growth rate is a constant 5 percent. If the stockholders' required rate of return is 15 percent, what is the expected dividend yield and e..
Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery, would you escape the scarcity problem?
Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption.
the industry demand function for bulk plastics is represented by the following equation p = 800 - 20Q where Q represents millions in pounds of plastic the total cost function for the industry, exclusive of a required return on invested capital is ..
In the ability signaling model, suppose that firms can pay to have a worker's ability determined through a test. Does it pay for a firm to make this expenditure?
Microsoft sells three different programs in their office suite: Word, Excel and PowerPoint. Each has a marginal cost of $15. There are three types of con- sumers, writers, accountants and professor, who have the following values for the three diff..
potential GDP, leading to a vertical long-run AS curve. Explain the difference between the two. Which is greater, fullcapacity GDP or potential GDP? Why?
Assume, instead, that the economy in exercise 19.10 lasts only for two periods. In the first period, there is only a young consumer. In the second period, there is one old consumer and a new young consumer. At the end of the second period, the eco..
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