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In the short run, a particular type of skilled labor is the only variable factor used by a firm. The manager of the firm has estimated that the marginal product of labor is given by MPL = a - b L, where a and b are numbers to be specified below. The hourly wage is w, and each unit of output can be sold in a competitive market at a market price P. If w = $78, P = $25, a = 50, b = 2, and the firm is employing L = 22, then based on this information
1. Technological improvement leads to increases in factor productivity but does not contribute much to the growth of aggregate real income for a nation.
One of the determinants of demand is consumer's disposable income. In reference to this, what will happen to demand if the government increases income tax
What is a government budgetdeficit? How does a federal budget deficit affect the economy? Howdoes it affect the level of investment and interest rates? How doesit affect the individual consumer? Give at least three examples inyour response.
(a) Calculate the firm's inverse demand function. (b) Calculate the firm's marginal and average cost functions.
Fill in the following table assuming that policy makers have a correct model of the economy, follow the Taylor rule, and the economy has the two one period lags.
The ability to create new products and process and to organize production to make goods and sevices available.
What market interest rate per quarter would be associated with a quarterly in- flation rate of 5% and a real interest rate of 2% per quarter?
Which country is likely to receive the most benefit from this increase in investment. Explain your answer.
ECON 5120 Macroeconomic Theory, Draw the phase diagram for this case. b) Show that regardless of the economy’s initial conditions, eventually the growth rates of A and K (and hence the growth rate of Y) are increasing continually.
The question is relates to Economics and it is explain about the deliberate undervaluation of yuan by China. A random thought of whether or not the US should do the same thing has been discussed in the answer.
Discuss some obstacles to successful international economic rule coordination in terms of current global economic and political policies and their effect on business conclusion?
Even such things as consumer protection laws and the types of plugs required to plug in appliances have been standardized to ensure that there will be no barriers to trade. How do you think this elimination of trade barriers affected EU output?
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