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Say that we are using 100 units of labor and 100 units of capital to produce 2500 units of output and we double our labor and capital to 200 each and output to 5000, what kind of returns to scale do we have? Also will the LAC for the firm be upward slopping, downward slopping or a horizontal straight line?
If tea and hot chocolate are considered substitutes, what would happen in the market for hot chocolate if the price of tea decreases?
Demonstrate that inflation is always a monetary phenomenon in the long-run, and explain why it might not always be a monetary phenomenon in the short-run.
With your knowledge about the two types of monetary policy, give a brief news blog explaining either expansionary or contractionary policy.
Suppose that individuals view their loss of income from imposing a single marginal tax rate as offset by the benefits of public services purchased with the revenues so that the (representative) individual is just as well off as before. How are their ..
You are hired to run a company that produces computers. Your first month on the job you hire 10 additional workers and observe that output rises by 100 computers. If you were to hire another 10 additional workers in your second month on the job would..
A local video store estimates its average customer’s demand per year is Q = 7 − 2P, and it knows the marginal cost of each rental is $0.5. How much should the store charge for an annual membership in order to extract the entire consumer surplus via a..
What is a simple definition of opportunity cost? How does the concept of opportunity cost factor into comparative advantage? Provide Examples.
Describe the Heckscher-Ohlin model (also known as the factor endowment). How does it predict countries will emphasize their comparative advantage?
If policymakers expand aggregate demand, they can lower unemployment, but only at the cost of higher inflation.
The production function. Y=K^5 (AN)^.5 , where both the population and the pool of labor are growing by rate n=.07, the capital stock is deprecciating at a rate of d= .03, and A is normalized to 1. What are the capital's and labor's shares of income...
Explain why there is a blurry line dividing objects that are “money” from those that are not. Give examples of some clear-out cases and some borderline ones. Could the position of this blurry line change over time?
Use each of the four model perspectives to answer the question: how did this all happen? In your view, was an appropriate Fiscal and Monetary Policy Response
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