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In economics, Cobb-Douglas functions can be used to model how a company's production amount (P ) depends on the amount of labor involved (L) and the amount of capital invested (K). For a particular company, this relationship isP = L2/3K1/3. Suppose the company's current labor force is L = 1000 workers, and the company is currently investingK = $64,000 in capital to produce a particular product. Due to economic difficulty, the company is currently laying off workers at an instantaneous rate of 2 workers per week. If the company would liketo keep its production level constant, at what instantaneous rate must it change its capital investment (with respect to time) right now?
According to 2009 data on the U.S. population which of the following was correct? Adults had higher labor-force participation rates and higher rates of unemployment compared to teenagers. Adults had higher labor-force participation rates and lower ra..
The wage in Mexico is $5. The wage in the U.S. is $20. Provide current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
A competitive manufacturer of gadgets has the following production function: What is the profit-maximizing level of output? At this equilibrium, what is marginal cost? At this equilibrium, what is the level of profits? At this equilibrium, what is th..
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine.
Consider a hypothetical economy that produces at its long-run macroeconomic equilibrium at a price level of 100.
The government three functions that directly affect the level of GNP. a) it purchases goods tax revenues; c) it makes transfer payments. Explain how each of transactions are treated in the National Income Accounts.
Unemployment is one of the major concerns that people have in today’s economy, since losing one’s job can be one of the most devastating events a person can experience. What is the labor force participation rate? What was the labor force participatio..
List three businesses that can exist today, because of the World Wide Web that could not have existed before the advent of this technological communication system.
In the late 1990's, care leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the care. If the customer decided to keep the car, the c..
Explain what are the repercussions in economic, what forces impact the international logistics industry. Other economic variables include, interest rates, inflation rates, GDP, consumer price index. Focus on what is of interest to the industry.
q.assume the production function of the company isq 7v - 0.5v2where q is the production and v is the number of
Using the Keynesian 45-degree diagram, explain the short-run macroeconomic implications of the increase in investment spending
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