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For each of the following examples, draw a representative isoquant. What can you say about the marginal rate of technical substitution in each case?
A firm can hire more workers to increase its output, or it can buy more machines. For each additional machine, the firm requires fewer workers per machine to maintain the same level of output.
A firm finds that it can always substitute 4 units of labor for 1 unit of capital and still keep output constant. After having drawn the graph, suppose the price of 1 unit of capital is 10 and that of labor is 2 dollars. What is the firm’s optimal combination of labor and capital in the production process?
A taxi firm requires exactly three full-time drivers to operate each car during a 24 hours interval. After having drawn the graph, suppose the firm’s yearly budget is 240,000 dollars, and the price of 1 car is 60,000 and the yearly salary of a driver after deductions is 20,000 dollars. What is the firm’s optimal combination of cars and drivers given its cost constraints and prices?
The maintenance cost for an investment is $2000 per year for the first 10 years and $1000 per year thereafter. The investment has infinite life. With a 10% interest rate, the present worth of the annual disbursement is most nearly
The Snow City ski resort caters to both out-of-town skiers and local skiers. The demand for ski tickets for each market segment is independent of the other market segment. The marginal cost of servicing a skier of either type is $50.
Apple decides to reallocate resources by curtailing online ad budgets and investing heavily in scratch-resistant Sapphire, the material that differentiates iPhone from competitive brands. What is MOST LIKELY the reason for reallocation of resources?
Is elitism or pluralism more persuasive in explaining the behavior of political actors, individuals, and groups of individuals when they interact with government? What core assumption about human beings do both philosophies make to drive their assump..
You are required to analyse the strategy of a firm of your choice. You need to pick a firm and identify the strategy that the firm uses to compete with its rivals. It is important that you conduct an industrial or environmental analysis, before you u..
David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce). Bread is provided free of..
Explain which of the following transactions would be directly counted in 2015’s GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export. If the transaction is not included in 2015’s G..
When we speak of "government purchases" in calculating aggregate demand, we mean purchases by a. all levels of government local, state and federal b. local governments only c. he federal government only d. state and federal governments, but not count..
Based on the article Nearshoring in Latin America, what are the short- and long-term implications of nearshoring given the current economic conditions?
The federal government currently taxes alcohol on the basis of the 100-proof gallon. (Alcohol that is 100 proof is 50 percent pure ethyl alcohol; whereas wine is usually about 24 proofs, and most beer is 6-10 proof.) How would alcohol consumption pat..
A stock has a beta of 1.15, the expected return on the market is 10.9 percent, and the risk-free rate is 4.5 percent. What must the expected return on this stock be?
In a simple economy (assume there are no taxes, thus Y is disposable income), the consumption function is C=750+0.6Y. Thus, automous consumption is _____ and the marginal propensity to consume is ______. A consumer chose income increases by 100$ will..
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