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Consider the following firm (indirect) cost function: C(v,w,q) = 2(q·v·w)0.50. At q0 = 100, w = $20, v = $5, the (contingent) quantity demanded for labor input lc is what number? NOTE: write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. HINTS: Use the Shephard lemma to derive this firm contingent demand function for labor input. Show all steps.
Write down the equation for Uncovered Interest Rate Parity (UIP), and explain it. Why should UIP occur?
Explain what the income eect is. You may use plain English or use an illustrative example. However, you must convince me you know what it is without copying a denition. Repeat the above for the substitution eect.
What is happening to the US real exchange rate in each of the following situations? Explain.
Ricardian equivalence implies
Suppose now the price of a cell phone minute falls to $.50 per minute. Show how this will change the budget line.
Scottish political economist Adam Smith didn't trust situations where the people who provide the money for a business don't actually manage the company. In The Wealth of Nations, he observed that such managers don't watch over the investment
Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. (a) ..
You live in a small town with basic medical care facilities and a couple of general practitioner physicians. One of the physicians has said that your cousin needs to be seen by a specialist. However, the nearest specialist is 3000 miles away, on the ..
Imagine a market where there is perfect competition between two or more companies, such as a fish market where vendors offer the same products at the same price or online ticket auctions like StubHub. How could changes in technology affect the market..
Illustrate what are the correesponding average tax rates in the regressive and progressive tax systems.
Define national income as total income of all capitalists in a country plus total income of all workers (including immigrant workers) in the same country. Per capita income is defined as national income as defined above divided by all people in the c..
Julia’s grade in her history class depends on a term paper and a final exam. Her grade will be the minimum of the two scores. She has 1,200 minutes to devote to her history class, and she wants to maximize her grade. Putting the final exam score on t..
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