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A firm uses gas (g) and machinery (m) to produce yachts(y), according to y=g0.5m0.5 .The firm chooses to produce 100 yachts, because there is exactly that much demand. The price of gas is 10, and the price of machinery is 20.
The marginal product of gas is 0.5(m0.5/g0.5) and the marginal product of machinery is 0.5(g0.5/m0.5)
How do I calculate the cost minimizing choices of g and m?
Then if the government raises the price of gas to 30 through a carbon tax and offers the firm compensation to exactly compensate the firm for the additional cost, how do I calculate how much they are going to compensate them exactly?
Describe one weakness and one strength of the gold standard. Do you agree with Milton Friedman that any system of pegged exchange rates is not a satisfactory system for countries with independent political systems;
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Suppose that the US Department of Homeland Security is concerned about the prevalence of airborne biological weapons in large sporting events in the US. Begin by assuming that there is no government policy yet. Consider the market for a system called..
Two cities are very similar. First City has five hospitals: two with 130 beds, one with 115 beds, one with 100, and one with 90. Second City has four hospitals: one with 200 beds, one with 180 beds, one with 150 beds, and one with 100 beds. What is t..
Explain how the strength of the economy as a whole could affect the marginal benefits and the marginal costs associated with a decision to purchase a home.
Illustrate what would be natural rate of unemployment if a baby boom led to a year in which teenagers made up 20% of labour force.
A public water utility is comparing two separate pricing schemes: a two-tiered pricing scheme where the first 5,000 gallons cost $20 and all subsequent gallons cost $10 or a single price of $15 per gallon. Under scheme, how much water is purchased by..
Illustrate what is that technology and how does it change the marginal and average product. Please list any sources used.
Explain the effect of a discretionary cut in taxes of $40 billion on the economy when the economy’s marginal propensity to consume is .75. How does this discretionary fiscal policy differ from a discretionary increase in government spending of $40 bi..
Provide an overview of the company and how it rolled out its product line extension strategy - What role should risk play in a companys decision to pursue
After September 11, 2001, there was much talk that the United States was going to go into a depression. There was, in fact, a downturn in the economy that was considered by many to be a recession. A depression did not occur. Why is another depression..
Production Functions and Marginal Products: How do inputs turn into outputs? Iso-quants/-costs and cost-minimization: What’s the best way to produce a given level of output? Supply: How does output respond to changes in output price, at the firm and ..
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