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According to the chief engineer at the Zodiac Company, Q = AL (alpha symbol) K (beta symbol) , 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 (alpha) = 0:8 and (beta) = 0:3. The rm's owner claims the plant has increasing returns to scale. a.Is the owner correct? b.If were 0.2 rather than 0.3, would she be correct? c.Does output per unit of labor depend only onand ? Why or why not?
Assume to fruit-picking can be done by children or adults, but to adults are twice as efficient as children
Suppose the long run price elasticity of demand for gasoline is -.60. Assume that the price of gasoline is currently $4.00 per gallon, the quantity of gasoline is 140 billion per year, and the federal government decides to increase the excise tax on ..
One way to reduce the amount consumers spend on health care is to raise the price of health care by increasing the health insurance copayment (i.e., the portion of the price patients must pay themselves). At current copayment levels, if the price ela..
What owuld be the best expression in graphical form to express any of the one in parenthesis (possible graphs supply and demand, marginal utility, elasticity, price controls or any other graphical analyses. Events ar Price controls (minimum wage, far..
Trace a copy of this diagram. Graphically depict the substitution and income effects. 2.2. Which effect is strongest? How can you tell?
According to the Congressional Budget Office estimates, output was 2.9% below potential output in the 4th quarter of 2014. The unemployment rate was 5.7%. What was the implied natural rate of unemployment?
Consider Solow's model when the production function is Y = 1000K0.3 L0.7 . The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Facto..
When cities pass laws limiting the rent landlords can charge on apartments, the laws usually apply to existing buildings and exempt any buildings not yet built. Advocates of rent control argue that this exemption ensures that rent control does not di..
In the theory of the firm, economists consider the total cost Charles to be a function of the output level Q:C=f (Q) (a) according to the definition of a function, should each cost figure be associated with a unique level of output (b) should each le..
You are considering a stock investment in one of two firms (NoEquity, Inc., and NoDebt, Inc.), both of which operate in the same industry and have identical operating income of $27.5 million. NoEquity, Inc., finances its $50 million in assets with $4..
Describe your educational goals and share personal information as directed by your instructor and to the extent that you are comfortable.
Milo buys an all-terrain-vehicle (ATV) from No-Limit Toys, Inc., on credit but makes no payments on the account. Odell, the owner of No-Limit Toys, calls Milo at home on a Monday morning at three a.m. but that if he does not pay the full amount due w..
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