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A firm hires four workers and rents 10 capital units for a operationg period. It produces 12,000 units. If it had doubled its use of labor and capital, production would have been 24,000 units. Does the firm have constant, increasing, or decreasing returns to scale? Why? If wages are $20,000 per person per operating period and capital units for $3,000 per unit per operating period, calculate the average cost of producing 12,000 units and the average cost od producing 24,000 units.
Assume the economic activity of the economy in a given year consists of the following: Steel producers fabricate Php. 4 billion of farm machinery, which is sold to farmers; Farmers produce 40 million sacks of rice, which is sold for Php. 25 billion ..
For each of the following utility functions, find the marginal utilities (MUx and MUy) and the marginal rate of substitutional between x and y (MRSxy) and explain whether MRSxy is diminishing or not.
The following utility function represents the preferences of agent i over two goods x1 and x2: ui(x1,x2) = 3√x1 + x2 a)Solve the optimal choice problem for agent i if p1 = p2 = 1; and I=15
There are two sectors of the construction industry that currently pay their employees the market-clearing wage. The demand for labor in each sector is MRPL = 12 - L,where L = the number (in thousands) of workers. The supply of labor in each sector..
some company uses capital and labor to produce gizmos. the marginal product of capital is 600, and the marginal rate of technical substitution of labor for capital is 1/4. Calculate the marginal product of labor.
The situation is the same as in 1, except that the extraction costs per liter are different every period and now they given by; c1=$10, c2=$20 and c3=$200. What are the optimal extraction plan and the present value of the profit
Suppose worker productivity increased at the rate of 1.9% per year. If the labor force grew by 1.5% per year, what rate of increase in RGDP would be sustainable without increasing inflation pressures
Some people have the opportunity to invest in stocks in a tax-advantaged retirement plan, such as a 401(k) plan. Consider the difference between Andy, who is able to save in a tax-advantaged plan, and Ben, who must pay taxes on his return each yea..
Consider now that there are two qualities s1 and s2 with s2 > s1 provided by two different firms 1 and 2. The timing is the following: first firms choose their qualities, second they compete in price.
Qs=2P-20 (supply) QD=80-2P (Demand) where Q is thousands of hours of floor reconditioning per month, and P is the price per hour. algebraically determine the market equilibrium price/output combination.
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout..
Each salesperson in a large department store chain is rated on their sales ability and their potential for advancement. The data for the 500 sampled salespeople are summarized in the table below: Sales Ability: Fair Good Excellent
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