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Airframes are produced according to the production function: \(Q = (L^{1/2} + K^{1/2})^{2}\)
Suppose the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital to produce 121,000 airframes.
The minimum wage is used by governments as poverty fighting measure. The use of such means of creating equity among the masses does not always result in desired outcome.
Do workers choose to work more because wages are temporarily high and do workers choose to work less because wage are temporarily low? This is key to the "intertemporal substitution" story of this chapter. The following chart shows how much wages ..
you are given the following information. the current dollar-pound exchange rate is 2 dollar per pound. A u.s. basket that costs 100dollar would cost 120 dollar in the UK. For the next year , the fed is predicted to keep US inflation at 2% and the ..
Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
could you have both a comparative and absolute advantage in trading. If so, what if at all would be the benefit for your country to trade with any other country.
PL offers mail-order storage containers for china. The company is the low cost provider of these quilted boxes with fixed costs of $480000 a year, plus variable costs of $30 a box.
Economists generally agree that high budget deficits today will reduce the growth rate of the economy in the future
The United States is one of the worlds, weathiest countries. Think of a recent case in which the dicisions of the U.S. governement were severely consrained by scarcity. Describe the trade-offs that were involved. What were the opportunity costs of..
Illustrate what is the current expected price of the stock. What is the expected price of the stock at Year 6.
Discuss how each of the following will affect the marketplace clearing price and quantity in each market. How does the supply and/or demand curves will shift in the following cases.
What will be the hours of work in the hospital and in the clinic to maximize income? What will be the income earned by the physician per day? Show your work.
Is it wrong to use the total income test for elasticity, when there is a direct relationship between price and total revenue the demand is elastic.
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