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Consider an economy with just one technique available for the production of each good, food and cloth:
Good food Clothlabor per unit output 1 1labor per unit output 2 1
a. if consumers insist on trading four units of food for five units of cloth, what is the relative price of food? Why?
B. Explain why production is exactly the same at a price ratio of Pf/Pc = 1.1 as at Pf/Pc = 1.9.
An asset in the 5-yr. MACRS property class cost $100,000 and has no salvage value after six years of use. The asset will generate $300,000 in annual revenues and will require $100,000 in annual labor costs and $50,000 in annual materials costs.
When architects design structures, they must also bear in mind also the costs associated with each design. Suppose the cost functions for building highrise apartments is tied not only to the height H but also the basic material used brick, concret..
Solve Tracy's problem of how often to go to the ATM when nominal interest rate on her bank account is 10%, she spends $30 each day, it cost her $0.50 each time she uses the atm, and she thinks that there is a 15% chance.
A firm is trying to make a decision to buy or lease a light-truck. The light-truck can be purchased for $35,000 and your firm as a marginal alternative rate of return equal to 7%. The dealer will lease the same truck for five years at $10,000 per ..
Plot graphically the demand and MR curves for each market, and also show GGC's combined marginal revenue curve (?MR) and its MC curve. Show graphically the quantities that should be produced and sold, and the prices that should be charged, in each..
Find the market price if the cost of quality v to a seller is c(v) = v/4.Find the market price if the cost of quality v to a seller is c(v) = 2v^3 Consider case b. and suppose the utility the buyer receives from a car of quality v is U(v).
In the boom years of the late 1990s, it was often said that rapidly increasing stock prices were responsible for much of the rapid growth of real GDP. Explain how this could be true, using aggregate demand and aggregate supply analysis.
Suppose a firm is considering taking out a loan for $10,000. The length of the loan is 5 years and the loan interest rate is 15% annual compound interest. The firm's real MARR is 8% and the inflation rate is 4%. The firm is considering two options..
Consider a Stackelberg duopoly game of quantity competition. Firm #1 is the "Leader" and firm #2 is the "Follower." Market demand is given by the inverse demand function p=1000-4Q.where Q=q1+q2 is the total output of the two firms.
Find and expression for capital per worker at the steady state e. Solve for the steady-state output per worker when d = 0.08 and the savings rate = 0.25 f. plot the steady state capital per worker as the savings rate goes from 0.05 to 0.50 in 0.05 in..
Suppose the velocity is constant and the economy's output of goods and services rises by 5% each year. What will happen to nominal GDP and the price level next year if the FED keeps the money supply constant.
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H - 4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
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