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The production function at Ginko's Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min(L, 3K) = 3, and q = 3,000.
A) Draw the isoquants for this production function.
B) Draw the total product, average product, and marginal product of labor curves for this production function for some fixed level of capital.
Illustrate what does the difference in the relative black-white wage ratios across regions indicate that Southern employers discriminated more than Northern employers.
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The equation for a demand curve has been estimated to be Q=100 - 10P + 0.5Y. what is income elasticity? what is price elasticity?
Suppose that firms in the chemical industry are allowed, free of charge, to dump harmful products into rivers. If this is the case in a competitive market, how will the price and output of the chemical products compare with their values.
q1. a good example of an oligopoly market structure is the airline industry. there are not many airlines in the
Consider an economy with the production function Y = L ^(1/3). calculate the equilibrium levels of real wage, labor and output. What is the equation of the aggregate demand curve for this example? What is the price level? What is the nominal wage lev..
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A monopoly sells its good in the United States, where the elasticity of demand is -2, and in Japan, where the elasticity of demand is -5. Its marginal cost is $10. At what price does the monopoly sell its good in each country if resale is impossible?
Dependency theory characterizes countries as being either in the center or on the periphery
Suppose the money supply is currently $500 billion and the Fed wishes to increase it by $100 billion. Given a required reserve ratio of 0.25, what should it do?
The mayor of Denver wants to upgrade the public transportation system. In order to fund the improvements, the mayor proposes charging an extra $1 for each ride taken.
When price of gasoline increases significantly, why should the market price of small automobiles (e.g. Mini Cooper, Smart Car, etc.) also increase? In addition to showing the demand-supply graphs, also explain the reasons for any shift in supply and/..
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