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Consider a model of the American economy where the level of income (Y) is produced with two factors of production, land (X)
and labor (L).
Y = X^AlphaL^Beta
Suppose land's share of income is Alpha = 0.5 and labor's share of income is Beta = 0.5. If the level of income grows at a rate of 6% per annum, land stock grows at a rate of 2%, and labor supply grows at a rate of 2%, the rate of total factor productivity growth is:
A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the ne..
Q = A(P-0.10)(I0.2)N where Q is the number of rental units demanded, A is a constant, P is the rental price per month, I is the income of the relevant population, and N is the number of family units in the relevant population. If I and N remain cons..
A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by natural chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43.
Laura (of Luke and Laura’s Itty-Bitty Drink Umbrella Inc.) is trying to decide how many workers to hire. The Itty-Bitty Drink Umbrella production function is given by: Q = 6L^(1/3)K^(1/2). The price of output is p, the wage rate is w, and the rental ..
Suppose movie downloads cost $2 apiece and game downloads cost $3. If the marginal utility of movie downloads at the optimal mix of consumption is 10 utile, what is the marginal utility of a game download?
Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and insulting police officers. Do these actions constitute systematic errors? If he gets what he wants each time, are his stupid actions even considered to be er..
There are two firms in a market for commercial dry suits. The market demand curve is P = 4,000 – 2.5Q, and each of the two firms has a total cost curve of C = 1,000 q with zero fixed costs. They have decided to collude with each other in order to obt..
Construct a PPF for a country that produces food and video games and faces increasing opportunity costs. Show how the PPF changes given the following events.
Many people display something like hyperbolic discounting. Some businesses thrive on supporting this sort of short-term excess. For example, several establishments offer payday loans−short-term loans with ultrahigh interest rates designed to be paid ..
Consider options on Microsoft stock. Suppose that there are call options with a strike price of $10 and put options with a strike price of $10, both with the expiration date of January 16th. Compute the gross profit
Under what sutation oligopolistic market structures lead to higher productive and allocative efficiency and more choice for consumers compared to monopoly?
assume an urban clusters income i is given by the function i4n-0.05n2 where n denotes the clusters population in
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