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Imagine a world with two goods, food (F) and shelter (S), and two factors of production, labor (L) and capital (K). Assume that labor and capital can be employed in either sector of the econ omy (the food sector or the shelter sector) and that these factors are completely mobile across the two sectors. Assume that the total supply of labor and capital in this world is fixed. Finally, suppose that before any taxes are imposed, the food indust ry is labor intensive. a. Consider a partial factor tax on capital used in the food industry (t KF ). Which factor will bear more of the economic incidence of the tax? Explain your answer. b. How would your answer to (a) change if the food industry and the shelter industry had the same factor intensity (K F /L F =K S /L S )? c. How would you answer to (a) change if capital was immobile (in other words, if labor could not move across the sectors)?
There has been much political discussion about redistributing income. These ideas are not new. Name and elucidate the three political philosophies of redistributing income. Do you believe any of them have merit.
Because you are not an expert yet on analyzing costs and optimal production levels, you decide to do a very simple analysis of your short-run fixed and variable costs if you expand.
Elucidate the marginal cost of a string. Compute marginal revenue and marginal cost for each quantity.
Among different market structures, which one do you believe provides the highest possible return for a new company as well as why.
Considering the correlation of a company to the economy which would you chose: A company positively, negatively, or not correlated?
The New York Times (Nov 30, 1993) reported that 'the inability of OPEC to agree last week to cut production has sent the oil market into turmoil. the lowest price for domestic crude oil since June 1990.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
The amount of money generated in a week can be viewed as a random variable with a mean of $700 and a standard deviation of $130. Find mean and standard deviation of an employee's total pay in a week.
In general, how would a capital budgeting constraint on the available amount of investment funds influence these decisions? How would differing levels of project risk influence these decisions?
a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
Calculate the amount of tax collections that the government will require in period two. If so, compute it; if not, explain why not.
Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600. What is marginal cost?
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