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Consider a firm where, in the long-run, K and L are imperfect substitutes. The firm is currently production 1000 units of output with K = 10 and L = 2. A this mixture of inputs, the MRTS is 8. The cost of labor is 8 and the cost of capital is 24.
(a) Is the firm minimizing the long-run cost of production?
(b) Graph the situation with K on the y-axis.
(c) If the firm is not minimizing long-run costs, what should it do?
China has been growing at a phenomenal rate and recently became the second largest economy in the world. Discuss economic reasons why trade with China (both in terms of importing and exporting) is beneficial to the United States.
In year 1, nominal GDP for the US was 2,250 billion and in year 2 was 2,508 billion. The gdp deflator was 72 in year 1 and 79 in year 2, real gdp rose by? The answer has to be in percentage
An increase in capital per worker will: Technological progress will: If technology advances, then:
Consider the U.S economy compared to a European economy such as Germany. The data tell us that in the U.S, real GDP and real consumption (per person) are higher than in Germany. Moreover, Germans enjoy signi?cantly more vacation time each year. Assum..
Derive the IS-LM model by considering the expectation into the model. You need to explain which factors affect each of the curve, and how the changes of these factors will shift the corresponding curve of the model.
Several internal and external assessment methods were discussed within this unit. Identify and discuss three internal assessment methods that you feel are most effective and three that you feel are least effective. Identify and discuss three external..
Illustrate each of the following situations with a graph showing short-run aggregate supply:
There have been significant discussions on the government's fiscal policy during the Great Recession. In particular, many did not like the government's actions in salvaging the auto industry in providing guaranteed loans to GM and Chrysler. What is y..
A coal-fired power plant can produce electricity at a variable cost of $0.07 per kilowatt-hour when running at its full capacity of 30 megawatts per hour, $0.16 per kilowatt-hour when running at 20 megawatts per hour, and $0.24 per kilowatt-hour when..
q1. the owners of a successful restaurant want a loan for 50000 to renovate the kitchen and expand the dining room.
Crossing the San Francisco Bay] There are 2 main ways to enter San Francisco from Berkeley. The Bay Bridge provides access by car and takes 10 minutes if it is not crowded. In this problem, explain what externality arises from the use of the Bay Brid..
The behavioral economist Robert Frank speaks of the bounded nature of rationality in his 2008 interview (Challenge 2008) and discusses the axiom of the independence of irrelevant alternatives in rational choice theory. Using the examples he uses, dis..
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