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Q = KL
1.What happens to the MRTS as labour increases and capital decreases? In words why is this?
2. Use the production function to argue whether this technology exhibits constant, decreasing or increasing returns to scale. Interpret what this means in words.
OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to:
We have learned that inequality is a fact of social life. While an education does not guarantee economic success, some people may be motivated by the opportunities and income an education may generate.
Referring to the 10-year historical period 1980-1990 discuss an example of a change in autonomous spending. Research a government policy implemented during that time and discuss the multiplier effect it had on the economy.
Suppose also that ham and cheese are the only goods that this person buys and that bread is free.
The total cost curve gets steeper as output increases because of
Use the following table to find the? steady-state values of the? capital-labor ratio and output if the? per-worker production function is yt = 2kt0.3.
Monetarists are often characterized as interventionists because they believe that the central bank should continuously alter the money supply in order to try to keep the economy at full employment.
The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Calculate the price elasticity of demand. Compute the inc..
Productivity declines may worsen recessions by causing unit labor costs to:
If the price of cereals drops to $1, calculate his compensating and equivalent variations. Comment on your results.
Economists believe that the current values of the deposit multiplier and the money multiplier are widely divergent. Why might these values differ at present? What (if anything) do you think must happen for them to converge once again?
Show how moving from a lump sum tax to a linear tax affects outcomes in terms of output and work effort. What is the effect on economic efficiency? How does your picture show this? You should use a linear PPF (so that the wage without distortions is ..
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