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An economy's production function is known to be a Cobb-Douglas production function with alpha = 0.30 and A = 10. Assume that there are constant returns to scale. a. What share of output (percentage) will be paid to labor? To capital? b. If the amount of labor is 40,000 and the amount of capital is 80,000, calculate the amount of output produced in this economy, as well as the marginal product of capital and marginal product of labor. c. Given the numbers provided in b., determine the total value of wages earned to workers and total amount of rent earned to capital owners in this economy. d. If the amount of labor in b. doubles (holding capital constant), determine the new levels of output, marginal product of labor, marginal product of capital, total wages earned and total rent earned. e. Explain what happens to MPL and MPK after the amount of labor doubles in part d. f. Use your estimates of wages and rent in parts b and d to calculate the share of output earned by workers and capital, respectively before and after labor doubles (show your work!). Does the share of output paid to labor or capital change after labor doubles? Why or why not?
As a savings plan for college, the Smithfield's deposited $15,000 in an account paying 6% compounded annually when their daughter Mary was born. How much will the account be worth when Mary is 18 years old?
Analysts have estimated the present values of the following effects over the expected useful life of the pool: PV (million dollars) State grant: 2.2 Construction and maintenance costs: 12.5 Personnel costs: 8.2 Revenue from county residents: 8.6 Reve..
Suppose the demand for pizza is given by Q=40-2P and the supply of pizza is given Q=P-8. if the price of pizza is $19, Illustrate which of the subsiquent is true.
The demand for a good is more price elastic A. if closer substitutes are available. B. in the short run than in the long run. C. if the share of the good in the average? consumer's budget is smaller. D. if the good is a necessity rather than a luxury..
Bill Katz prefers less of good 1 to more and he prefers more of good 2 to less. Bill has strictly convex preferences (i.e. mixtures of bundles are preferred to the bundles themselves). Would the slope of the indifference curve be increasing (convex) ..
Consider an open economy in which the real exchange rate is fixed and equal to one. Consumption, Investmentnt, and Government spending are given by: Solve for equilibrium output in the domestic economy
The "Artificial Intelligence (AI) Corporation" has two divisions: Manufacturing and Sales. When a new worker is hired both she and her supervisor are equally ignorant about her ability. There is no skill involved in making and marketing AI robots; ho..
Consider an economy that initially has a labor force of 2000 workers. Of these workers, 1500 are employed . The economy enters a recession. Employment falls by 5%, and in addition 0.4% of the labor force becomes discouraged at the prospect of finding..
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011.
Write down the formula that is used to calculate the yield to maturity for a five year, 8 percent coupon bond with a $1,000 face value that currently sells for $900. You do NOT have to find the actual value of the yield to maturity for this coupon bo..
Suppose the market demand function is given by: Q=100-2P, where Q: total quantity, P: market price. And in this market there are two firms with MC=AV= $10. Find each of the following: Perfect competition price, quantity, and consumer surplus? Monopol..
Explain how Democratic is it to support an unelected judiciary. Defend your argument for or against the election of federal judges and Supreme Court justices.
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