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given that an economy has the production function: Y=F(K,L)=K0.3L0.7.
Find the per-worker production function. Then, assuming that no population growth or technological progress occurs, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and depreciation rate.
Miguel is a farmer who produces oats. The oat market is a pure competition market. Miguel is now making choices in the short run. The going rate for oats is currently $24 per unit. The total cost function is as the table above shows. What is the p..
What price should a firm charge for a package of two shirts given a marginal cost of $4 and an inverse demand function P = 8 - 2Q by the representative consumer
Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to 9.9 percent), for Blacks (from 25.8 percent to 27.4 percent), and for Hispanics (from 25.3 percent to 26.6 percent). For Asians, the 2010 poverty rate (..
While market-based hedging instruments can be used to offset or counter uncertainties in interest rates and exchange rates as they impact the income statement, balance sheet hedges require a different approach. Assume you are the CFO of Toyota try..
The launch is risky because the demand could turn out to be either low or high. If the demand is high, the investment would give a return of $30 million, and if the demand is low, the return would be 0.
Jon Breeks quit his job in a bicycle shop, where he earned $15,000 per year, to become a graduate student in economics. At the university he attended, he spent $2,000 on books, $1,000 on cough medicine, and earned $12,000 as an economics instructo..
Identify the incentives to produce and price the product for a traditional monopoly and natural monopoly. Is it best for society, i.e., does society receive more welfare, to have natural monopolies provided by a private firm or by the government.
suppose the economy is in equilibrium and the equilibrium real GDP is 1500 billions. Suppose further that the MCP is 0,8 if the government wants to increase the real GDP to 2000 billions , by how much should the government increase /decrease.
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market. Hourly Wage Hours per week
Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers during period t. You are also given the following information about the regre..
Consider now that there are two qualities s1 and s2 with s2 > s1 provided by two different firms 1 and 2. The timing is the following: first firms choose their qualities, second they compete in price.
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale Expl..
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