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Draw a graph of the aggregate production function with capital, K, on the horizontal axis.
a. Why does it have the shape that you have drawn?
b. How would the graph change if there is an improvement in technology?
c. How would the graph change if there is an increase in the productivity of labor?
Illustrate what does the term "Recession" mean and how do we know when one occurs. How does government intervene to move the economy out of a recession.
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
What is the highest profit or lowest loss availability to this firm?Should this firm operate or shut down in the short run? Why? What is the relationship between marginal revenue and marginal cost as the firm increases output?
Suppose a worker receives a wage of $20 per hour. Compute the real wage (money wage deflated by the price index) corresponding to each of the following possible price levels: 85, 95, 100, 110, 120.
Explain how would you estimate additional dollar cost of adding sales people? How is the expected net revenue generated by adding.
Discuss and explain the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP?
The change in the quantity of product C demanded in any given week is inversely proportional to the change in sales of product D in the previous week. That is, if sales of D rose by X percent last week, sales of C can be expected to fall by X perc..
Adopting the main features of the neoclassical supply of labour, elucidate how these 2 factors may be related.
A business have 4-lockbox collection centers that average $235,00 in payments each day. Payments are invested daily in shortterm securities at collection center banks.
Assume you were doing lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was,
Suppose that the Fisher hypothesis holds for an economy that an expected real interest rate of 2 percent. For each of the expected inflation rates of 0, 2, 4, 6, and 8 percent, calculate the nominal interest rate and after tax expected real interest ..
Explain why the cost structure associated with many kinds of information goods and services might imply a market supplied by a small number of large firms (at the same time, some internet businesses such as grocery home deliveries
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