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Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital.
a. Does the production function exhibit increasing, decreasing or constant returns to scale? Explain.
b. If labor hours increase by 10%, what is the percentage change in output? Explain.
c. If capital decreases by 10%, what is the percentage change in output? Explain.
d. If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output?
intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services, that is, any buyer or seller who wants intermediary's services must pay $8 for them. What is the maximum per unit that sellers are willing t..
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is F(L,K)=L^1/2*K^1/2 What is the Marginal product of labor (MPL)
The banking market in Athens, Ohio, currently has four banks with market shares of 60%, 20%, 15% and 5%. The two smallest banks have proposed merging. Under the standard merger guidlines of the Federal Reserve and the Justice Department.
The demand schedule in the first market is Q1=100-0.5P1, where P1 is the price of the product and Q1 is the amount sold in the market. In the seconds market, the demand is Q2=140-P2, where P2 is the price of the product and Q2 is the amount sold i..
Now the company plans to invest of 9% per year. Now the company plans to invest the total amount accrued in another certificate that pays 9% per year compound interest. How much will the new certificate be worth 2 years form now.
Suppose that an investor purchases 100 shares of IBM stock at a price of 100 dollars on december 31, 2004. During the year 2005, IBM paid dividends of 2$ per share, and at the end of the year, the investor stold the stock at a price of $115.
Suppose the total market value of all final goods and services produced this year in economy X is $4 million. Of the $4 million worth of goods, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
the balnce sheet of a bank. the reserve requirment is 3% on the first 30 million of transactions deposits and 10% on transactions deposits in excess of 30 million. the bak holds no required clearinf balances. Bank balance sheet(amount in millions)
Calculate the equilibrium price and quantitiy in the chocolate market. How much does a firm of each type produce Calculate the consumer and producer surplus What is the producer surplus for an individual firm of each type
There are three firms in an economy: A, B, and C. Firm A buys $250 worth of goods from firm B and $200 worth of goods from firm C, and produces 200 units of output, which it sells at $5 per unit. Firm B buys $100 worth of goods from firm A and $15..
(a) just to provide the 2.7 billion "severly" poor population with $1 more output per day (b) to raise the incomes of the worlds "severely poor' population ( income less than $2 per day) to the official threshold of us poverty
There are too many fixed gear bikes in Hipsterland and city leaders are looking for ways to reduce the quantity. They are considering policies which would reduce the number of fixed gear bikes. The demand and supply curves for fixed gear bikes in H..
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