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Question: Assume that a competitive economy can be described by a constant returns to scale (Cobb-Douglas) production function and all factors of production are fully employed. Holding other factors constant, including the quantity of capital and technology, carefully explain how a one-time, 10 percent increase in the quantity of labor (perhaps the result of a special immigration policy) will change each of the following (EXPLAIN): labor's share of total income?
Describe the likely effects on the total welfare (surplus) of society of the status quo, i.e., do nothing and let the market decide.
If the firm does not shut down in the short run when price equals $4, what will be the firm's production level? Calculate the firm's fixed cost and variable cost at this level of production. What is the break-even price for the firm? What is the sh..
After reviewing the range of earnings across various jobs on salary.com, it should be clear that income disparity in our economy is considerable. Explain whether or not you believe that the degree of variation is justified. Explain your rationa..
1 toys corporation has estimated its demand and cost function as followq 25 - 0.05ptc 780 200qa what will be the
A friend proposes a get-rich-quick scheme: borrow from a US bank, deposit in the Canadian bank. What's wrong is this scheme?
An article in the New York Times about J.C. Penney's pricing strategy under former CEO Ron Johnson observes: "Penney had pulled up the anchor, only to see many of its customers sail away." In behavioral economics, what is an "anchor"?
graph the equation y 14 - 2x. your graph should be carefully labeled with y on the vertical axis and x on the
Describe and derive an expression for the marginal cost (MC) curve. What are the profit-maximizing price and output levels for Paradise Shoes?
Draw a supply/demand diagram of the market for "loan able funds" in the U.S. Use the "interest rate" as the "price" of loan able funds on your diagram. Show the effects of a rise in the expected inflation rate on your diagram.
Independence Burgers serves fast food at its 300 franchised across the South.
Suppose your supervisor has been asked many questions about how economy works and why the idea of limited resources is such a major concern in today's economy.
What happens to equilibrium output and the equilibrium interest rate in the short-run, and equilibrium output and theequilibrium price level in the long-run.
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