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U.S. logging companies employ Canadian loggers to cut Maine trees. When the federal government restricted the number of temporary workers permitted in the United States, the logging companies had to use fewer Canadian loggers. Unable to find U.S. workers willing to cut trees, the logging companies had to lay off workers in complementary operations- truck drivers, for example. Suppose that a logging company needs exactly one truck driver for each six loggers it employs. Each truck driver and team of six loggers can cut and transport 80,000 tons of wood per day. What is the marginal revenue product function for truckers, and how does the function depend on the number of loggers employed? Show that with a decrease in the number of loggers, a logging company would hire fewer truckers.
Suppose that the world price of sugar is 20 cents a pound, Brazil does not trade internationally, and the equilibrium price of sugar in Brazil is 10 cents a pound. Brazil then begins to trade internationally.
Label the areas of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute productivity.
Hasn't the Fed already tried quantitative easing? When? What were the results?Discuss the method of quantitative easing used by the Federal Reserve during the most recent U.S. recession, including any criticisms of this action.
Now assume that after the increase in the money stock, the domestic interest rate decreases between time t and time t + n. Again assume that the foreign interest rate is unchanged. As compared to your answer to part (d), what happens to the exchan..
Consumer 1 has expenditure function e1(p1; p2; u1) = u1sqrt(p1p2) and consumer 2 has utility function v(x1; x2) =x1x2^(alpha) What are Marshallian (market) demand functions for each of the goods by each of the consumers
What are the conditions for Pareto efficiency? Are they met in the two cases above, if the only other industry in this economy, and all factor markets, are perfectly competitive?
Suppose that there are three firms, who produce homogeneous products, and whom have the same marginal cost which is constant over output. These firms play an infinitely repeated Bertrand pricing game. Each period they simultaneously set prices.
How do neighborhood associations and homeowners' covenants control negative externalities and encourage (or require!) positive externalities? What are the advantages and drawbacks of this approach from the perspective of the individual homeowner?
What are the causes of extreme poverty, and what policies have been most effective for improving the lives of the poorest of the poor ? . Under what conditions can cities act as engines of economic transformation?
If Earl plays Hammer and Duvall plays Roll, then what is Earl's payoff?
If an editorial says that Americans are saving at loweramounts ie, 20 years ago the average savings rate was 20% ofdisposable income. The editorial predicted that thiswould drop to 5 percent in less than five years.
What is the long-run welfare effect of a profit tax (the government collects a specified percentage of a firm's profit) assessed on each competitive firm in a market?
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