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Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape?
a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense? (Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)
b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?
Willy owns a small chocolate factory, located close to a river that occasionally floods in the spring, with disastrous consequences. Next summer, Wily plans to sell the factory and retire. The only income he will have is the proceeds of the sale of h..
A monopolistically competitive industry such as baked goods also a perfectly competitive industry like wheat farming are alike
Analyze five aspects of the transaction, comparing the online experience to a traditional in-store experience. Discuss the advantages and disadvantages for each aspect of the online purchase. What ethical or legal issues do you recognize?
A stock price is currently $100. Over each of the next two six-month periods it is expected to go up by 10% or down by 10%. The risk-free interest rate is 8% per annum with continuous compounding. What is the value of a one-year European put option w..
Suppose that two countries, initially in autarky, decide to create a single market. For simplicity, assume that in both economies there is only one product. Demand for this product is given by D(i) = S(i) (a – p(i)) (for i = 1, 2), where S(i) is a me..
In the international environment, it is apparent that China is making large investments in the global financial markets in their shift away from exports. Is there a connection between China's exports and its financial investments in other countries?
Use the Keynesian-cross model to illustrate graphically the impact of an increase in taxes on the equilibrium level of income.
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
Describe in detail the economic problems associated with an increasing national debt. How much is the national debt, and how much is the current budget deficit? What five foreign countries/organizations are the leading holders of the national debt, a..
The supply and demand curves for mousetraps cross at a price of $10 apiece. There is and always has been a price ceiling of $6 per mousetrap. Now the government imposes an excise tax of $2 per mousetrap (while maintaining the $6 price ceiling). Illus..
An example of a positive externality is
Evaluate how business environment is influenced by government economic policy which may be identified through your application of economic theory - Critically evaluate measures used by governments and central banks to manage the economies of their ..
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