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Microecon. Production function is given by F (L,K,M) = K^(1/6) L^(1/3) M^ (1/3).The price of capital, labor and materials are r, w, and m respectively. (1) In the short run, the amount of capital is fixed at k=k0. What are the conditional demand functions for labor and materials in the short run? (2) what is the short run total cost function? For what scales of production does it exhibit economies of scale?
You are told that 75 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $25 billion.
As more potentially life-saving, but expensive drugs come to market, patients and insurance companies have difficult decisions to make. While in theory people would pay anything to save their own life or that of a family member, the efficacy of so..
You observe an Olympic Athlete in the long-jump. Suppose the distance of each jump is a random variable that follows a normal distribution with mean and variance2. He jumps 8 times and records the following distances.
Most macroeconomists believe it is a good thing that taxes act as automatic stabilizers and lower the size of the multiplier. However, a smaller multiplier means that the change in government purchases of goods and services, government transfers
Discuss how the "tale of two auto plants" in the opening article shows how the choices facing a firm marking a long-run decision on plant location are much greater than those for a firm with a plant already in operation.
Immigration is a major topic of concern in today's economy. What are the possible problems and solutions for these concerns and what could happen to the U.S. labor markets if immigration is not controlled
Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the effective monthly interest rate.
According to the National Bureau of Economic Research, a poor family is the one whose income falls below one-half of the median family income. Using this definition of poverty, answer the following questions. a) How, if at all, would the proportio..
Obtain Income elasticity of demand and Calculate the quantity demanded for goods 1 and 2 at these prices and this income level.
some financial intisutions may take action to remain profitable because of the lower interest rates. Obviously when the interest rates are lower, companies tend to lose money, because it is cheaper for consumers to pay back loans. Financial stabil..
What is the consumption function and how is it related to the Marginal Propensity to Consume? 2. What is the multiplier? 3. What determines the position of the Long Run Aggregate Supply curve? 4. What is a supply shock? Give several examples.
In other words, does it matter whether the deficit is caused by lower taxes, increased defense spending, more job-training programs, and so on In your analysis, what role do fiscal and monetary policies have to lead to higher
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