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Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K) = E½K ½, so that the marginal product of labor is MPE = (½)(K/E) ½ . If the current capital stock is fixed at 1,600 units, how much labor should the firm employ in the short run? How much profit will the firm earn?
Define “trade creation” in the context of the formation of a customs union. Then, using a demand/supply diagram of a (small) home country for a good that is produced at home and would be imported if there were no tariff, illustrate and explain how th..
Can we say confidently whether good X is a normal good or an inferior good.
Utilize these values at this point on demand to make the subsequent computations.
This is a team discussion on “Decision Making, Factors and Role of Metrics.” I posted three articles titled "Decision Making Consumers", “Pricing” and “Managing Customer Value Metrics” for this team discussion under Week 3 module. These three article..
George and Jane are next-door neighbours. George likes listening to pop music at high volume but hates opera. Jane likes listening to opera at high volume but hates pop music. What is the externality in the above case? Why might the Coase theorem not..
You have been assigned to contract with an outside research firm to do both qualitative and quantitative research project for your company. Describe the criteria that you would establish in making this selection. In addition, explain your reasons for..
Assignment: For this assignment, provide an outline of your paper On minimum Wage, and at least five sources (in APA format) that you are using. Your outline should include the five economic concepts that you will apply to your topic analysis as well..
If the growth rate of the money supply is 6?%, velocity is? constant and real GDP grows at 4?% per year on? average, then the inflation rate will be what %? If the growth rate of the money supply increases to 18?%, velocity is constant and real GDP g..
If the spot price of the British pound is $2.20, the risk-free rate on 1-year government bonds is 3% in the US and 6% in the UK, What is the one-year-forward price of the pound?
Consider a homogeneous good market with the following market demand curve: Q = 8 − p, 0 ≤ p ≤ 8 = 0, p > 8. Two firms produce output at constant marginal cost which may be different. Derive the Nash equilibrium outcome and the profits of the two firm..
Other factors remaining the same, what would happen to the supply of a particular product if the following changes occur?
Price outcomes of the 5 oligopoly models differ substantially. Which models produces the lowest and highest total profits (all firms combined)? What are the predicted prices? Provide aviation industry examples of routes or markets that might approxim..
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