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Fifth Problem Earl sells lemonade in a competitive market on a busy street corner in Philadelphia. His production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where output is measured in gallons, x1 is the number of pounds of lemons he uses, and x2 is the number of labor-hours spent squeezing them. 1. Does Earl have constant returns to scale, decreasing returns to scale, or increasing returns to scale? 2. If he is going to produce y units in the cheapest way possible, what is the number of pounds of lemons he will use? How many hours of labor he will use? 3. What is the cost of producing y units at factor prices w1 and w2?
Regression with Logs. Using data from 1981 for houses sold in North Andover, Massachusetts, the model that relates housing price (measured in thousands of dollars) to the distance from a recently built garbage incinerator (measured in miles) was esti..
Consider a two-period economy with a single commodity (say leisure): X_1 is the consumption of leisure in period 1, and X_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
q. a firm in a purely competitive business is currently producing a 1000 unitday at a total cost of 450. if the firm
Suppose that you observe that the total utility rises as more of an item is consumed. What can you say for certain about marginal utility? Can you say for sure that it is rising or falling or that it is positive or negative?
Rivalry is especial destructive to probability if:
The year is 2009 and you have just been elected President of the U.S. The economy is in crisis due to problems in the financial sector and housing markets. Unemployment is 9.5% and rising and the BEA reports GDP has decreased over the last two quarte..
Consider this statement. “It is estimated that leaky pipes and dripping faucets are the source of hundreds of thousands of dollars of lost water each year. Business firms could reduce waste by inspecting more pipes thoroughly and repairing water leak..
Examine any foreign currency of your choice (preferably one from an emerging market), and provide an analysis of that currency against the U.S. dollar over the 5-year period
Sidney makes $200 per week. She buys only two items: pizza and beer. The price of a pizza is $5 and the price of each beer is $2. What is the x-axis intercept for the above budget constraint? What is the slope of the above budget constraint? What is ..
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately be ..
Eight friends ate at a restaurant and agreed to share the bill equally. Because Judi forgot her money, each of her seven friends paid an extra $2.50 to cover her portion of the total bill. What was the total bill?
Economically, is it better to be a Jack or Jill of all trades or to specialize in production according to one’s comparative advantage and trade internationally? Provide an example of a business efficiently using this economic principle.
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