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The town of Podunk has decided to provide security services to its resident by hiring workers (L) and guard gogs (D).security services (S) are produced according to the production function S=squr LD
And residents of town wish to consume 10 units of such services per period
Suppose now that Podunk is only hirer of people who work with guard dogs and supply curve for such workers is given L = 10w where is per period wage of guard dog handlers .if dogs continue to rent for $1per period how much of each input should the town hire to produce the desired services at minimal cost? What will those costs be? What will the wage rate of dog handlers be?
From the perspective of stated preference methods in general, explain the concept of “consequentiality.” Describe how consequentiality might be conveyed to a survey respondent in the context of a stated preference survey.
two countries country x and country ycountry x can produce either 500 jackets or 250 pairs of jeanscountry y can
Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).
What factors might contribute to a low level of productivity in an economy Compare these to the rapid productivity growth experience by the United States during the 1990s.
following the recession of 2001 there was a month in which employment and the unemployment rate both rose. assuming the
Assume that there is another boom in the U.S. stock market. As a result we would expect: Assume there is an increase in domestic economic growth in the United States. As a result we would expect:
The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms only earn a normal profit in the long run, firms will develop new products or..
The concise definition of economics is the study of choice under scarcity. Let's use this concept to analyze a recent decision that you made. Should we only evaluate monetary costs, or are there other non-monetary costs we must consider
With respect to price elasticity of demand, create a graph using the information in figure 1. Illustrate the ranges on demand curve that indicate elastic, inelastic, and unitary elasticity.
identify economic factors that affect the real gdp the unemployment rate the inflation rate and a key interest rate.
What happens to the nonbank's balance sheet?
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
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