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2. a) (2) For the following firm production function, indicate whether the production function exhibits decreasing, constant, or increasing returns to scale. yi is the firm i's output, ki is the firm's capital input, and li is the firm's labor input. yi = (ki + li) 0.5. b) (2) Draw the firm's isoquant for yi = 1 and yi = 2. c) (2) Where both the wage rate and the cost of capital have values equal to 1, give the firm's cost function. 3. (4) Consider the following firm production function yi = Y0.05 (ki + li), where Y is the output of the industry in the city where the firm is located. a) (2) Draw "qualitatively" the firm's average and marginal cost curves, and indicate the effect on them of an increase in Y. b) (2) Draw "qualitatively" the average and marginal cost curves of the industry in the city where the firm is located.
part a your first task is to use models and concepts relating to producer behaviour to analyse the effects of
Describe why a monetary policy is impotent in achieving macroeconomic goals under the fixed exchange rate system. Begin your discussion with the assumption that the economy is at equilibrium in the balance of payments (external balance), however at l..
Discuss the shape of the indifference curve for each of the following pairs of goods:
The town of Podunk has decided to provide security services to its resident by hiring workers (L) and guard gogs (D).security services (S) are produced according to the production function S=squr LD
a) What is the socially efficient level of security?
If there were a global market in water, like there is in oil, how do you think the market would work Would a free world market in water achieve an efficient use of the world's water resources Explain why or why not.
Let us assume you and ten of your friends are going to open and invest in a business. You do not want to pay double taxation on the profits. You want a type of ownership where profits must be distributed based on how much each person has invested ..
Find the production possibility frontier for this economy and find the competitive equilibrium and find competitive equilibrium if every consumer owns 100 units of labour and owns one firm.
option 1 note the following is a regression equation. standard errors are in parentheses for the demand for widgets.qd
Assume the damages resulting from a particular type of pollution are uncertain. Policy makers are able to asses the average level of damages, and can choose a policy instrument that will internalize the average level of externality leading to what..
a economically when is it best for a firm to outsource or contract-out some part of its production? b provide an
Chucky enjoys going to the arcade to play videogames. His favorite two games are Child’s Play (C) and Bride of Chucky (B). The cost of playing one level of either game is 2 dollars, and Chucky has 20 dollars to spend on playing games. His preferences..
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