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In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use deferent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
(i) Provide a dentition.
(ii) Build the production possibility frontier for a two sector economy by using the same technique as in class (i.e. with the use of an Edge worth box) and by assuming that the two sectors use the same technology. Explain your answer.
(iii) Do the same as in (ii) when the two sectors use different technologies. Explain your
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A monopolist faces a demand curve given by P=105-3Q P is price, Q is quantity demanded. Marginal cost of production is $15.00. No fixed costs. Explaim how much output in order to maximize profit.
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You have studied the legislative branch of government and the wide range of powers held by the House of Representatives and the Senate. List five powers or duties of one or both houses of Congress and discuss each of the five, in a few descriptive se..
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