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A firm has the following production function: Q=E1/4 3K1/2
The price of output is $10, the wage rate is $4, and the rental rate for capital is $2 per unit. Assume capital is a fixed cost at 5 units.
a. Calculate the short-run profit maximizing level of labor and capital demand.
b. Calculate the long-run profit maximizing level of labor and capital demand.
c. The rental rate of capital changes to $10, show which effect is stronger, the substitution or scale.
This document shows evaluation of alternative approaches to analysing the effectiveness of public policy and Assess the impact of government policies on selected areas.
Which of the following items are included in the calculation of GNP in the UK, and which are excluded?
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Assess the degree of difficulty associated with measuring marginal revenue product for each of the following occupations.
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
You will be asked to collect five (5) newspaper articles relating to subjects we are covering in the class. As we cover the various chapters you should be actively searching newspapers/magazines to find articles.
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
If increased government spending and tax cuts were equally effective in stimulating aggregate demand, which fiscal tool would you select? Why?
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
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