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(a) For the production of the type Q = 2K + L with wage rate w = $1 and price of capital (rental rate) v = 1, the expansion path is K axis. Do you agree?
(b) If any firm experiences increasing returns to scale in a perfectly competitive industry then the industry cannot remain perfectly competitive. Do you agree?
(c) The most efficient scale production is where AC = MC. Do you agree?
(d) Isoquants cannot be positively sloping. Why or why not?
(e) When the quantity of a good is fixed (e.g., Rembrants paintings) the supply curve is always perfectly inelastic (i.e., vertical). Do you agree?
How is GDP a measure of both output and income? How is it possible that both measures of GDP - income and expenditure approach - can end up with the same number?
How much would government get if it introduced a 15 percent income tax? Revenue $ d) How much would government get if it introduced a 15 percent sales tax on final output?
A wealthy businessman wants to start a permanent fund for supporting research on sustainability. The donor plans to give equal amounts of money for each of the next five years, plus one gift now (i.e., six donations in total), so that $100,000 per ye..
In your words, compare and contrast a positive and a negative externality. Be sure to provide an example for each. How does a positive or negative externality
Assume that SHELL, Corp. Coupon bond currently sells for $5,800. Bond has a 5 year maturity, an annual coupon payment of $261, and a future value of $5,800. What is the promised yield to maturity on SHELL bond? Calculate the promised YTM on the SHELL..
Compute the percentage change in price and quantity (%ΔP, %ΔQd) by adding this one room. Calculate the Price Elasticity of Demand.
Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education?
When I look at a cost function such as TC=9000 + 9Q, Am I correct that the 9000 in this figure is overhead and the 9 would be the marginal cost, Q would be the qty produced?
Assume Arturo is willing to trade 6 burritos to Dina for each 10 tacos which Dina produces also send to Arturo.
In long-run competitive equilibrium, product price equals long-run average cost and also equals long-run marginal cost. Thus, economic profit equals $0. Please explain why firms have not incentive to exit the industry.
illustrate what proportion of the population would score higher than Bob.
q1. suppose demand and supply are given by qd 7-12px and qs14p-12determine the equilibrium price and quantitysuppose a
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