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The own price elasticity of demand for a pack of cigarettes is estimated to be -.4. Current price and consumption are $4.00 and 2 million units per year. Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations.
The production function for a firm is given by
Q = L+K+LK where Q denotes output; Land K labour and capital inputs. Wage rate and rental rate are given by w and r respectively.
(a) Show whether or not the above production function exhibits diminishing marginal productivity of labour.
(b) Determine the nature of the Return to Scale as exhibited by the above production function
(c) Using the Lagrangean Multiplier method, calculate the least cost combinations of labour and capital and the resulting long run total cost function for the above production function. Explain the economic significance of the Lagrangean Multiplier and calculate its value.
(d) Using Excel- Solver verify your answer to (d) above.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Explain how the distinction between expected and unexpected inflation is important to the distributional effects of inflation.
Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi..
How many cases of peaches will be produced per week during the growing season, and what will the selling price per case be if producers ignore the marginal external costs imposed on others?
What happens to labour supply increases?-He will work more as wages increase, but only if n > 0.
The largo publishing house uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, and the price of the printing press is $5,000.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Calculate the equilibrium price, firm output, total output and number of firms in the industry.
A tariff I ssimply a tax on imports. Use our model of the excise tax (with diagram) to expain why domistic firms request that tariff? Consider both the domestic and the foreign country in your answer
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
In light of Ricardian model, how might you measure the claim by developing countries that they're at a disadvantage in trade
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