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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?
Industries and business practices that are exempt from the antitrust laws are (Labor Unions, Public Utilities - electric, gas, and telephone companies, Professional Baseball, Cooperative activities among U.S. exporters, Hospitals, Public Transit a..
Define the Economics terms, national accounting identity, Hodrick Prescott filter and what it does, Cobb Douglas production function
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Illustrate the process of bringing a new international bond issue to market. What should a borrower consider before issuing dual-currency bonds. What should an investor consider before investing in dual-currency bonds.
The World Bank is presently advising newly industrialized nations on how to encourage growth and they have asked for your help.
M.C. Hammer is selling off part of his very large wardrobe of puffy pants. The market price of each pair of pants depends on both the number of sequins on the pants and their age. Let this price be, in dollars, 20+.01S+2A, where S is the number of..
According to the American Metal Markets Magazine, the spot market price of U.S. hot rolled steel recently reached $580 per ton. Less than a year ago this same ton of steel was only $260. A number of factors are cited to explain the large price inc..
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
What impact would a change that shifts an economy's production possibilies curve outward have on the long run aggregate supply curve How have imporvements in computer technology affected production possibilities and the long run aggregate supply c..
A small business which produces plastic vacuum-suction covers for round household dishes has monopoly that is protected through a utility patent. Market demand curve for this product is estimated to be:
Provide an examples of how each industry practices price discrimination. What are the short and long term strategic reasons these industries employ tiered pricing.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
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