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Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
w = 7 and r = 7.
a) In which direction will the substitution effect change the firm's employment and capital stock?
b) In which direction will the scale effect change the firm's employment and capital stock?
c) Can we say conclusively whether the firm will use more or less labor? More or less capital?
"Some people with diabetes absolutely need to take insulin on a regular basis to survive. At the same time, pharmaceutical companies that make insulin could find a lot of other ways to make some money. If the U.S. government imposes a tax on insulin ..
If you were desinging such an amendment, do you think it would be better to require that the actual budget deficit be kept at zero each year, or should the aim be only to keep the structural deficit at zero? Discuss.
Marge opens an oxygen bar in a building she owns. She utilized to rent the building to her brother in law.
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qi = 20). What is the industry's long-run supp..
In the 1970s, information technology was primarily concerned with _______, while today information technology is the focus.
Take a minute to think about the demand for college education and whether or not the costs of attending college (not just tuition, but also some of the opportunity costs associated with attendance) influences the number of students who attend college..
For each of the following, use an ADIIA graph to show the short-run effects on output and inflation. Assume the economy starts in long-run equilibrium.
This means that an individual firm's marginal cost is given by MC = 4q.Also, the market demand is given by how much output will each of them produce?
While drinking coffee, you believe that the marginal benefit of drinking one more cup is greater than the marginal cost of that cup. You then conclude that:
Suppose that the Bank of Canada unexpectedly decreases the money supply. What will happen to unemployment in the short run? What will happen to unemployment in the long run?
In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15.
Elucidate how much the last input added to the total amount of revenue. Elucidate how much the last input added to the total amount of production.
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