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Suppose a computer manufacturer is currently producing a total of 1 million computers in two states, Iowa and South Dakota. The firm is currently employing 50,000 production workers, with 20,000 working in South Dakota and 30,000 working in Iowa. The monthly wage of a production worker in South Dakota is $1,000, while the monthly wage of a production worker in Iowa is $1,800. Suppose the price of a computer is $500. Desiring to continue producing 1 million computers and knowing that the marginal product of a production worker in South Dakota is 1, while the marginal product of a production worker in Iowa is 4, explain why the firm should re-allocate labor away from South Dakota towards Iowa (i.e., cut back on workers in South Dakota and hire more workers in Iowa). Use isoquant analysis to illustrate your point(s).
on average, Japan's real every capita output grew at a rate of 3 percent every year among 1973 also 1993. Illustrate what would Japan's output every capita have been at the end of 1993.
Suppose a person has $20 to spend on music and likes both rap music (R) and country music (C) with a set of preferences so that U=C^1/2R^1/2. Suppose that the iTunes price of a rap music song is PR=2 and the price of a country music song is PC=1. Wri..
Absalom Motors's 15% coupon rate, semiannual payment, $1,000 par value bonds that mature in 30 years are callable 4 years from now at a price of $750. The bonds sell at a price of $1,300, and the yield curve is flat. Assuming that interest rates in t..
Other things equal, increasing home prices tend to:
q.analysis the demand for housing is often described as highly cyclical and very sensitive to housing prices and
An alternative to rent-control laws that would not reduce the quantity of housing supplied is:
This declaration would perhaps receive general agreement, but it is not always clear exactly Illustrate what concludes when something is in the public interest.
Christopher Ahlberg, CEO of Recorded Future (RF) has a decision to make about the direction of his company. Recorded Future’s “temporal analytics engine” is a set of quantitative and visualization tools that could help predict future events from past..
How the federal government did expanded its domestic activities and influence during the Progressive Era, World War I, and the New Deal, considering the factors that prompted the expansion, the consequences of the expansion, and the permanence of the..
After bad experiences with a flexible exchange rate, the small open economy of Rivendell decides to fix it exchange rate. Suppose the economy of Rivendell has reached the long run equilibrium. Is trade policy more effective under a flexible exchange ..
Suppose that the market for polo shirts is a competitive market. The following graph shows the daily cost curves of a firm operating in this market.
q.you are watching national news broadcast with your parents. the news anchor clarifies that the exchange rate for the
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