Q1 the australian medical association ama once called for

Assignment Help Business Economics

Reference no: EM13353039

Q1. The Australian Medical Association (AMA) once called for an immediate 20% cut in medical student intakes to halt what they alleged was a growing oversupply of doctors. "It is a tragic waste of human and economic resources to spend six years training men and women for jobs that will not be needed" said the AMA President. Do you agree with the AMA? Why or why not?
Q2. According to the chief engineer at the Zodiac Company, Q=ALaKb, where Q is the output rate, L is the rate of labor input, and K is the rate of capital input. Statistical analysis indicates that a=0.8 and b=0.3. The firm's owner claims the plant has increasing returns to scale.

a. Is the owner correct?
b. If b were 0.2 rather than 0.3, would she be correct?
c. Does output per unit of labor depend only on a and b? Why or why not?

Reference no: EM13353039

Questions Cloud

Q1 the wage rate is pound5 and the rental rate cost of : q1. the wage rate is pound5 and the rental rate cost of capital is pound2. calculate the lowest cost method of making 4

Q1 suppose that the first week of summer jenny charged 25 : q1. suppose that the first week of summer jenny charged 25 cents for an 8-ounce cup of lemonade her next-door neighbor

Q a facility for a production plant can be purchased for : q. a facility for a production plant can be purchased for 155000 with a down payment of 25000. consider the following

Q the zinger company fabricates as well as sells a line of : q. the zinger company fabricates as well as sells a line of sewing machines. demand per period q for a scrupulous model

Q1 the australian medical association ama once called for : q1. the australian medical association ama once called for an immediate 20 cut in medical student intakes to halt what

Qbritish columbia tourist association distributes s : q.british columbia tourist association distributes s pamphlets maps and other tourist-related information to people who

Q 1 what change in the federal funds rate would you : q. 1. what change in the federal funds rate would you recommend?2. how would your recommended change get

Qas per milton friedman business has only 1social : q.as per milton friedman business has only 1social responsibility to create profits as long as it stays within the

Qa firm is using 30 units of labor and 20 units of capital : q.a firm is using 30 units of labor and 20 units of capital to produce 4000 units of output. at this combination the

User Account

All Pages