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A packing company uses two inputs: labor and glue. Suppose the work costs $ 10 / hour (salary) and the glue costs $ 5 / gallon and that the company has a budget of $ 100,000. Draw the line on lined paper isocost for the company. In the same diagram, draw a curve isoquant indicating that the company cannot produce more than 1,000 containers that budget.
With regard to the above question, assume that the salary increases to $ 20 / hour while the glue price increases to $ 6.00 / gallon. How to change the optimal ratio between inputs as a result of these changes? What would happen to the path of expansion of the company?
Illustrate what is the average time in the system. Illustrate what is the probability there are more than three cars in the system.
Abe, Betty and Charlie are the only three students in my graduate Public Finance class and I am trying to determine how many office hours to hold per week for this class. Since my office and blackboard are reasonably large, Suppose office hours don't..
Suppose that the production function for floppy disks is given by Q = KL2 L3 where Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor flow of capital service. a) Suppose K=600. Find the total produc..
How many people can be catagorized as frictionally unemployed? How many people can be categorized as structurally unemployed? How many people are not in the labor force? What is the unemployment rate? What is the natural rate of unemployment?
elucidate how income changes along demand curve and why a local builder seeking to maximize income on a small site would be interested in elasticity of demand.
Explain how it is possible for one of two people in a two-good economy to have an absolute advantage in producing both goods, but trade can still benefit both people.
If a case is reversed and remanded, it:
Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity?
How do you think each of the following affected the world price of oil? a) A major war began in the oil-rich Middle East. b) The Alaskin oil pipeline was completed. c) The ceiling on the price of oil was removed. d) Oil was discovered in the North Se..
Comparative statics in Solow's Model. Explain how the following events affect output, capital and consumption per unit of labor in the long run and along the transition according to Solow's Model:
What are the economic and political arguments for regional economic integration? Given these arguments, why don't we see more integration in the world economy?
With the help of a diagram show how home will benefit from trade according to the Ricardian Model. In your diagram, clearly mark the point of production and consumption before and after trade, mark the amount of import or export.
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