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Country A and country B both have the production function: Y=f(K,L)=K^(1/2)L^(1/2)
a. Does this production function have constant returns to scale? Explain.
b. What is the per-worker production function, y = f(k)?
Two firms are competing in an oligopolistic industry. Firm 1, the larger of the two, is contemplating its capacity strategy, which we can broadly characterize as "aggressive" or "passive." The "aggressive" strategy involves a large increase in cap..
Does a monopolistic competitor produce too much or too little output compared to the most efficient level? What practical considerations make it difficult for policymakers to solve this problem?
From the standpoint of a soft drink company, the question What goods and services should be produced is best represented by which of the following decisions:
Noting that just one or two firms might be able to produce and sell similar products at lower prices than the many firms that sell quite similar products in the US, some people argue that monopolistic competition is wasteful. Why would many consu..
A monopolist has two types of customers. There are 100 Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must charge..
To conduct an effective database search a. choose one search engine and stick with it. b. enter variations of your search terms to increase the likelihood of obtaining desirable "hits." c. use long search phrases rather than short ones or single term..
How concerned should this company be about price discounts by itsleading competitors and conduct a t-test to check the statistical validity of the estimated equationat 95 percentconfidence.
The "crowding-out effect" suggests that A. excessive population in the cities is pushing people into the suburbs.B. if consumption spending increases investment spending must decrease. C. tax increases are paid primarily out of saving and, therefore,..
If the Fed chooses the money supply at the same time as people are setting wages and prices, so that everyone has the same information about the state of the economy, then monetary policy cannot be used systematically to stabilize output.
Assuming that sales of oil are normally distributed with a mean of 362,500 barrels and a standard deviation of 100,000 barrels, determine the probability that Offshore will incur an operating loss.
Based on the data provided, what is the opportunity cost of producing pastries and sandwiches in Northland? What is the opportunity cost of producing pastries and sandwiches in West Coast?
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
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