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The manager of a meat packing plant can use either butchers (labor) or meat saws (capital) to prepare packages of sirloin steak. Based on estimates provided by an efficiency expert, the firm's production function for sirloin steak is given by: Q = K + L
a. Graph the isoquant corresponding to 5 units of output.
b. Ilustrate what is the marginal product of capital and labor? Does the answer depend on how much labor and capital are used?
c. If the price of labor is $2 per hour, and the rental price of capital is $3 per hour, how much capital and labor should be used to minimize the cost of production of the 5 units of output?
In a current newspaper article you also read that The Camera Shop has exhausted its undertaking capital and that no new investors
Utilizing a graph of equilibrium in the housing market, describe carefully which parties win and which parties lose from rent control.
Explain why do cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets.
Consider the general equilibrium model on local public goods that we discussed in class. We found that the optimal population size
Describe absolute and comparative advantage. Explain the influences affecting foreign exchange rates.
Characteristics of Proprietorships what percentage of sole proprietorships is engaged in retail trade? Why might more sole proprietorships be engaged in services rather than manufacturing?
Suppose that the market for wheat is characterized by the following demand and supply relationships.
Some economists have suggested that the best way to control medical costs is to remove the profit incentive for health care providers, particularly hospitals.
Suppose that there is no growth in real GDP and inflation is equal to -2% per year. (Negative inflation is the same as deflation.) Measured in ducats, illustrate what will GDP be equal to next year.
Assuming other countries do not change their own trade policies, what would be the impact on the value of the dollar relative to other currencies? What would be the effect on the jobs in U.S. industries?
Draw and show the change in the PPF when an outbreak of avian flu sickens millions of agricultural and industrial workers.
Elucidate how would you improve this survey to better reflect the needs of the consumer.
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