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Suppose an economy has aggregate production function equal to Y = K^1/2 L^1/2. Population growth, n, is 2% per year, 3% of the capital stock depreciates every year and the savings rate, s, is 10% of total output. Find the steady state values of capital per worker, output per worker and consumption per worker.
Income elasticity can be either positive or negative depending on an item we are considering?
What are the corresponding retail and wholesale prices? What would happen if the sales are switched from the retail to the wholesale and vice versa?
Consider a typical short-run AS/AD model which consists of AD and SRAS curves. In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and ..
The aggregate demand and aggregate supply model is a useful simplification of the macroeconomy used to explain short-run fluctuations in economic activity around its long-run trend. Which of the following are reasons that the short-run aggregate supp..
Discuss the predominant pricing strategy within the video game industry. Make sure to comment on the degree of market power (i.e., the ability to set price) possessed by firms in the market/industry. Consider the role of pricing practices such as pri..
Consider the following firm with the production function Q=F(L)=2L^1/2. L=labor. Wage w=12. A fixed cost is FC=500(sunk cost). Derive the short run cost function. Graph this function using excel.
What are the three questions that must be answered in order to determine the consumers' willingness to pay in a mixed market of cars with both Lemons and plums?
The Circular Flow diagram is model of how the economy works. Explain how the model would change if the following events ocurred:Households increase savings.
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
When traveling to other countries for business, it is important to know the male/female roles in each country. Not knowing these roles could cause problems in discussions and negotiations.
Your rich relative died and left you $100,000, which you decided to use for your own Internet business. What will be your fixed and variable costs? Briefly discuss.
Market equilibrium occurs at that price for which
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