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Q1. Consider a firm as we did in the notes that maximizes it profits by selecting how many workers and how much capital to use. For this problem, set P = $1, W = $10, A = 10/.7, r = .01, pk = .01, d = .1, and K = 5. Use the Cobb-Douglas production, so that revenue for this firm is PAK.3L.7.a. Elucidate the no. of workers would this firm hire? Allusion is being sure that you compare the added benefits and added costs of each worker when the Cobb-Douglas production function is used.b. If K rose to 7, would this firm hire more or fewer workers? Why?
Q2. It appears that your best income earning opportunity is to be an offer to work for a local developer during the month of June and earn $2000. Nevertheless as before pleasing the job, you admit a surprise offer from a competitor. Elucidate how much producer surplus have you earned, if you actually earn $2600 during the month?
What is a one invention that had good impact on the international economy and why. What were the impacts of this invention were impact good or bad.
Examine the key factors affecting the demand for and the supply of a good or service
New manufacturing technologies are often viewed as labor saving in nature. Using a production possibilities frontier with manufactured capital goods on one axis and labor-intensive goods on the other axis.
Sketch the extensive form of the game, carefully labelling the players that move and the actions they have available
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
The benefit of cutting down a forest is $1 million now. the environmental cost of that harvest is $10/year forever.
Distinguish between the resources market and the product market in the circular flow model.
How do the GDP per capita change after accounting for price indices. Why is it important to use price index adjustments.
Hero Nakamura is CEO of the Cola King Bottling Company a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
Consider that, in this case, we 1st add (marginal) costs, not quantities, since these are the costs associated with each t-shirt.
Do sibs have the expected effect. Explain. Holding medic and feduc fixed, by how much do sibs have to increase to reduce predicted years of education by one year.
Repeat these calculations for the third, fourth, and fifth years, assuming that the Government taxes at a rate each year and has noninterest expenditures annually.
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