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Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2.
(a) Write an expression for the marginal product of x1 at the point (x1, x2). Is it an increasing, decreasing or constant in x1?
(b) Write an expression for the marginal product of x2 at the point (x1, x2). Is it an increasing, decreasing or constant in x2?
(c) What is the technical rate of substitution?
(d) Does this technology demonstrate increasing, decreasing or constant returns to scale?
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p). What happens to t as real wage in..
For a perfectly competitive firm,
Consider the following goods and services. Which are the most likely to be produced in a perfectly competitive industry? Which are not? Explain why you made the choices you did, relating your answer to the assumptions of the model of perfect competit..
Graph these functions and find the non-zero equilibrium. Prove that the equilibrium at (0,0) is not stable. Suppose that school inputs improve by one unit, from 10 to 11. What is the immediate impact on education (before health can adjust)? What is t..
How low much a quota be to have an impact on trade? Using a demand -and -supply diagram, illustrate and explain the net welfare loss from imposing such a quota. Under what circumstances would the net welfare loss from an import quota exceed the net w..
What would you say are the advantages and disadvantages of electronic communication? For example, hardly anyone faxes any more, we email. Do you feel texting is the next evolution for business communication? Or, is there something else? How do you ta..
Read the case "Federal Indebtedness is Much Higher Than the Net Public Debt" on page 313 and discuss the following issue: How could the federal government try to reduce its entitlement indebtedness (the difference between entitlement program spending..
IN what did South have a comparative advantage. Did Civil War change any opportunity costs in South. Did opportunity cost of everything rise. Or did items cost less.
Discuss industry concentration, demand and market conditions and the pricing behavior of Kodak in the 1990's. Do you think the industry environment is significantly different today.
Yesterday, the current exchange rate was $ 1.05 Canadian per U. S. dollar and traders expected the exchange rate to remain unchanged for the next month. Today, with new information, traders now expect the exchange rate next month to fall to $ 1 Canad..
The Federal Open Market Committee directive is a
During the course of one day, airlines cut fares on nearly 35,881 routes. (a) Briefly explain why airlines might be more likely to match price cuts than price increases. (b) Which theory of oligopolistic behavior does the above situation most res..
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