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Some economists and observers are worried that certain developed countries have entered a period where increased total stocks of capital generate greater total income to capital, allowing capital holders to purchase more capital. Their fear is that this will induce a cycle whereby capital owners will use their greater income to purchase more capital, thus increasing their income even further, so that the proportion of total income accruing to capital will increase over time unabated.
We will think about this issue.
We will find it simpler to work with a production function of one variable, the capital per labor ratio (k ≡ K/L).
Define the production function in terms of the capital-labor ratio as f(k) = L1F(K,L) = F(K/L,1) = F(k,1).
-Derive this function for the Cobb-Douglas production function with constant returns to scale.
Your profit from winning the auction is equal to (200-bid)*probability of winning. Show that your profit maximizing strategy is bidding half of your valuation.
He is fouled attempting a three-point shot and is awarded three free throws. Assuming each free throw is independent, what is the probability that he makes at least two of the free throws?
A friend wants your advice. His aunt recently left him $100,000 that he must invest in one or both of two different corporations. The current price per share of each is $100. If your friend buys 1000 shares of the first corporation, what will be the ..
A study published by the Havard Business Review in January, 2000 found that intellectual property represents approximately__________ of an average firm's value.
Consider a variant of the Hotelling's model of candidate positioning in which each candidate does not care about whether herself wins
Two hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 500Qmill+ (Qmill)2 where Qmill indicates the mills annual production in thousands of tons. The marginal cost of ..
A major producer of passenger tires has launched an advertising campaign in which it is trying to market windshield wipers to the public under its brand name, which has been highly successful in the passenger tire market. Perform a SWOT analysis of t..
The Technical Rate of Substitution between factors x2 and x1 is -3. If you desire to produce the same amount of output but cut your use of x1 by 4 units, how many more units of x2 will you need? Explain.
To preserve capital in a declining stock market, a portfolio manager should:
The current price of scrap steel is $6/pound, but it was 4.87/pound just 4 years ago. What is the average inflation rate for scrap steel? Assuming in the last year of a project that Revenue was $100,000, Expenses were $50,000, Working Capital Release..
An individual likes owning cars is better. In order to own a car, an individual must have a 1:4 ratio of frames to tires.
conomists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy.
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