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Consider an economy with the following Cobb-Douglass production function:
Y=5K^(1/3)L^(2/3)
a. Derive the equation describing labor demand in this economy as a function of the real wage and capital.
b. The economy has 27,000 units of capital and a labor force of 1000 workers. Assuming that factor prices adjust to equilibrate supply and demand, calculate the real wage, total output, and the total amount earned by workers
c. Now suppose that congress, concerned about the welfare of the working class, passes a law setting minimum wage that is 10 percent above the wage you derived in part b. Assuming that congress cannot dictate how many workers are hired at the mandated wage, what are the effects of this law? Specifically, calculate what happens to the real wage, employment, output , and the total amount earned by workers.
What was the amount of the equal annual end-of-year payments for each of ?rst 3 years? b. What was the amount of the equal annual end-of-year for each of the last 3 years?
q. now that you have learned some of the basic principles of organization pause and think of where you have already
Parker Products manufactures a variety of household products. The company is considering introducing a new detergent. The company’s CFO has collected the following information about the proposed product. What is the net present value of the proposed ..
Also during that first year, the cookie business incurred costs that required outlays of money amounting to $9,000. What was Zach's economic profit (loss) for the year.
The Commerce Department is considering lifting the ban on the import of Brazilian oranges (the world’s largest producer of oranges) into the United States. In your explanation, be sure to distinguish between a change in demand and a change in quantit..
Use Porter’s five forces model to analyze the competitive environment of a country of your choice (pick a product category that you are familiar with). How does a market orientation explain entry into that market? A resource-based view? Why are both ..
Discuss your understanding of what policy analysis contains and what policy makers can learn from policy analysis. Provide at least two examples to support your argument
Based on discussions surrounding the controversy over the value of the Chinese yuan in foreign currency markets, is China still using central bank foreign exchange policy to maintain the value of the Yuan?
Is the quality of care different in a for-profit versus not-for-profit hospital? What differences in services might occur during or after a stay in a for-profit versus not-for-profit hospital? Compare and contrast the impact of healthcare on the US e..
Snow peak Ski Resort offers a price for a lift ticket that is barely over its marginal cost, but the high equipment rental fee keeps generating big profits. Which pricing strategy is the management using?
Suppose an environmental regulation costs $400,000 today (one time payment) and would save $1 million worth of health costs 20 years from now. a) Would you recommend the program at a discount rate of 0%? 2%? 10%? b) Which discount rate would industry..
Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop. Using a supply and demand diagram, show wh..
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