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An economy has a total of 320 units of labor and 80 units of capital to use on the production of 2 goods. The production functions for the goods are a function of the labor and capital used in each process. Specifically:
x= F(l,k) = (l*k)^.5
y= G(l,k) = 5(l*k)^.5
Explain why at any point on the PPF, each firm always has 4 times more labor than capital. If this is correct, then both the quantity of x and y can be written soley as a function of Kx. Find these functions, then use them to prove that the PPF function for this economy is y = 5x – 800.
Identify your fixed and variable costs at your fast food restaurant, and explain the changes to each of these costs, given the increased demand.
One major reason that GDP is an inaccurate measure of the true level of economic activity is that
Suppose you plan to purchase a Ford Mustang and need a car finance of $12,000. You take the loan from the K-State Credit Union at 3.5% interest rate. What is the yearly payment to the bank to pay off the loan in 10 years? Please do not just write the..
A large percentage of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000. What would happen to South Africa’s profit if it increased its production by 1,000 while R..
An investment of $20,000 is to be made on a computer system that will last for 6 years and have a zero salvage value at that time. Operating, maintenance and software costs are projected to be $15,000 the first three years and $20,000 the last 3 year..
summarize how the test affected the court proceedings. Submit your paper as a Word document to your instructor. Remember to correctly cite your sources.
Mary is in equilibrium. The MUa =6, MUb =12, Pa=2, what is the price of b? Zach is in equilibrium. The MUa=2, MUb=8, what is the price of a in terms of the price of b? What is the utility maximizing or optimization condition?
i am really having trouble correcting my homework assignment and really need finding the correct answers. can you
Classical economists believe that the demand for money will decline if the _________ decreases, while Keynesian economists believe that the demand for money will decline if the _________ increases.
Describe a nonverbal communication technique that you will use to persuade your co-owner that your proposal is a win-win proposition.
According to a Wall Street Journal article "MCI, in New Phone War Skirmish, Files Suit over AT&T Ad Claims," MCI was upset with AT&T over allegedly false claims that AT&T's service is cheaper than MCI's. Suppose that the typical consumer is a small b..
It is now, January 1, 2012, and you are considering the purchase of an outstanding bond that was issued on January 1, 2010. It has a 9.5% annual coupon and had a 30-year original maturity. What is the yield to maturity? What is the yield to call?
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