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Assume that the aggregate production function for an economy is described by: where 0 < α < 1. a. Show the production function has the property of constant returns to scale. b. Obtain the per capita production function (Hint: Divide the above production function by L, and express all variables in per capita terms; e.g. y = Y/L, k = K/L using lowercase letters to denote per capita variables). c. Draw the per capita production function with k on the horizontal axis and y on the vertical axis. Is it concave downward? Why?
Explain the three main topics that macroeconomics is concerned with. Explain the major critics of how unemployment is measured. Explain how consumption and savings are correlated. Please explain the causality of one variable on the other (use a graph..
Using the factors that influence the price elasticity of demand, do you think a college education is an elastic or inelastic good? State the factors and then support your answer Often times when a college campus has overcrowded parking, they raise th..
In microeconomics we are concerned about markets being in equilibrium. This refers to the point at which price, supply, and demand, are in equilibrium. What it means to have a market in equilibrium, and how changes in supply or price would affect thi..
In a certain country, demand for goods and services is outstripping supply. Inflation is running at 10%, well above the target level of 2%. How would you use monetary policy to lower the inflation rate? How would you use fiscal policy to lower the in..
Consider a simultaneous game between two players (Player 1 and Player 2). Each player has the option to play either Up or Down, and their payoffs are represented by the table. Is this a constant sum game?
In 1990, the ratio of Japanese to US labor productivity in the steel and consumer electronics industries were estimated to approximately 1.4 and 1.12. What country has the comparative advantage in producing steel and what country has the comparative ..
According to the concept of limited liability, the liability of shareholders of a company is restricted to the face value of shares. They have no personal obligation for the liabilities of the company. How does the concept of limited liability impact..
Suppose that a proposal is under review to strengthen the NPDWS for benzene, and the associated abatement level would generate a marginal social benefit (MSB) that is greater than the marginal social cost (MSC) by $125,000. On efficiency grounds, sho..
Why do some business firms pursue a triple-bottom-line outcome while others focus only on profit maximization? Please, use a real company example to illustrate your points.
Explain why do you suppose that employees pay for general training and the employer pay for specific training with respect to the basic competitive model.
Assume the economy is in short and long run equilibrium before the supply shock. Use the aggregate/ demand aggregate supply model, the Keynesian cross model and the modey market model to verbally and graphically explain
How did increased competition and excess capacity impact firms in consumer goods industry in late 19th century. Why were horizontal mergers attractive to these firms.
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