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Assume that a country's production function is Y = K2/3L1/3.
a. What is the per-worker production function y = f(k)?
b. Assume that the country possesses 50,000 units of capital and 25,000 units of labor. What is Y? What is labor productivity computed from the per-worker production function? Is this value the same as labor productivity computed from the original production function?
c. Assume that 15 percent of capital depreciates each year. What gross saving rate is necessary to make the given capital-labor ratio the steady-state capital-labor ratio? (Hint: In a steady state with no population growth or technological change, the saving rate multiplied by per-worker output must equal the depreciation rate multiplied by the capital-labor ratio.)
d. If the saving rate equals the steady-state level, what is consumption per worker?
Jim's Car Rental has fixed costs of $220,000 per month and variable costs per car rented per day of $3. If Jim's charges $25 per day to rent a car, how many car-rental days (the number of cars rented times the number of days each is rented) must J..
The Rapid Engine Corporation is a multinational producer os small gasoline and Diesel motors. Rapid hs estimated the given cost experience for a new 3.5hp engine over a sample of 122 observations.
Compare the equilibrium levels of consumption C, government spending G, and planned investment I in Parts g and h. Based on this comparison, why might some economists prefer expansionary fiscal policy while others prefer expansionary monetary poli..
Suppose that a firm faces a demand curve that has a constant elasticity of -2. This demand curve is given by q = 256/P^2. Suppose also that the firm has a marginal cost curve of the form MC = 0.001q. a) Graph these demand and marginal cost curves
what unemployment rates would we expect to see in this economy?b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of short run output (Y tilde) ..
A perfectly competitive firm has a total cost function TC(Q)=10 million + 5Q + Q2/10,000. Of its total fixed cost of $10 million, $9 million can be avoided if the firm produces an output of zero, but $1 million is completely unavoidable.
Tanya operates a home business importing sweaters from Peru and sells them from her home. She collects $400,000 in revenue a year, and spends $200,000 on the sweaters and shipping costs, as well as $25,000 on advertising, accounting services and u..
If market demand is given by the functionQ=1000?P, where P denotes price, how many firms will operate in this long-run equilibrium?c) Suppose the government grants a lump-sum subsidy to each firm that manufactures the product. If this lump-sum su..
You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Workers Cost Output Revenue 1 $300 50 $350 2 600 140 675 3 900 ..
Assume that the depreciation rate is 10 percent per year. Make a table showing steady- state capital per worker, output per worker, and consumption per worker for saving rates of 0 percent, 10 percent, 20 percent, 30 percent and 40 percent.
At a particular academically challenging high school, the average GPA of a high school senior is known to be normally distributed with a variance of 0.25. A sample of 20 seniors is taken and their average GPA is found to be 2.71
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
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