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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 andr=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?
Explain the 4 ways the Federal Reserve would increase the money Supply and explain and graph how this would impact interest rates, consumption, and investment, AD, GDP, Prices and Unemployment.
Illustrate what is the loss minimization output level for the firm. what is the Average profit or loss for the firm. what is the Total profit or loss for the firm.
Hong Kong dollar, and the one-year forward exchange rate is 9 yen per dollar. Determine whether or not there is an arbitrage opportunity and, if possible.
What could the Fed do in 2002-2003 in order to bring the economy back to full-unemployment ? What did the Fed actually do? Explain in detail
Assume that Consumption decreases by $25 million, Investment increases by $10 million, Government Purchases increase by $60 million, Exports decrease by $30 million and Imports decrease by $55 million. What is the net change in GDP in $million?
Given the following information for the market for McDonalds Quarter Pounder with Cheese large combo meals in Illinois locations: Assume that the minimum wage in Illinois is increased. Carefully explain what will happen to the market for
The Newport Beach Sanitary Agency is presently shipping its waste to another municipality at an annual cost of $100,000. It is considering building a landfill near the city. Start-up costs for the landfill are $900,000, and there are closing costs of..
If the economy was experiencing a severe recession, which of the following combinations of monetary and fiscal policy actions would be most appropriate?
From a social perspective, is the outcome of a Hoteling model without price competition efficient?
Assume an economy without government and without trade. Suppose the Consumption function is given by C=100+0.8Y, whereas I=50. What is the equilibrium level of income in this case? What is the level of saving in equilibrium?
An industry can be characterized by the following production function. Explain how would you characterize the returns-to-scale in the industry.
Write a formula which describes the marginal product of labor in the short run as a function of the amount of the labor used.
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