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We will find it simpler to work with a production function of one variable, the capital per labor ratio (k ≡ K/L). Define the production function in terms of the capital-labor ratio as f(k) = L1F(K,L) = F(K/L,1) = F(k,1). Derive this function for the Cobb-Douglas production function with constant returns to scale.
Japanese labor productivity is roughly the same as that of the United States in the manufacturing sector (higher in some industries, lower in others), while the United States is still considerably more productive in the service sector. How does the f..
(a) Is the plant economically justifiable to the firm without the subsidy? What is the PWI? (b) What is the annual subsidy?
Consider a firm with the production function, q = (K^(0.5) + L^(0.5))^2. In the short-run, the level of capital is fixed. Determine the equations for MPL and APL. Solve for the short-run cost function (i.e. total costs as a function of output) Solve ..
Consider a closed economy in which GDP equals $20 billion, consumption equals $13 billion, government purchases equal $3 billon and tax revenue equals $1.
Suppose that the money supply is $750, nominal GDP is 2500, and real GDP is 1250. What is the velocity of money and what is the price level? Suppose that the velocity is constant, and the economy’s output of goods and services rises by 5% each year. ..
The goal of ABC Company is to increase total revenue. The elasticity of demand for ABC's main product is 1.4. How much will quantity demanded change? According to the Law of Demand will quantity demanded go up or down? How do you find total revenue? ..
Your job is to select the site for the 25th club and to determine the appropriate price for the one-month memberships.
What is the value of a 10 percent annual coupon, $1,000 par value bond with 20 years to maturity if the required rate of return on the bond is 12 percent?
Which factor gains in real terms, and which factor loses? Are these results consistent with the Stolper-Samuelson theorem?
Determine the relevant costs for the expansion decision, and distinguish between the short run and the long run costs.
Ben’s preferences are represented by the marginal rate of substitution MRS = 2y/x. His income is I = 180. The market prices are Px = 3 and Py = 1. What is his optimal consumption basket?
Price elasticity of demand tells us more about the consumers' purchases than the law of demand. Define price elasticity of demand. How does it differ from the law of demand? Explain why we need to calculate the absolute value of elasticity of demand.
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