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Suppose there are two inputs in the production function, labor and capital, and these two inputs are perfect substitutes. The existing technology permits 1 machine to do the work of 3 workers. The firm wants to produce 100 units of output. Suppose the price of capital is $750 per machine per week. What combination of inputs will the firm use if the weekly salary of each worker is $300? What combination of inputs will the firm use if the weekly salary of each worker is $225? What is the elasticity of labor demand as the wage falls from $300 to $225?
Price will increase; quantity cannot be determined. (Assume CD players are normal goods.) Which of following will happen to equilibrium price and equilibrium quantity for CD players
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500. What is th..
Consider a farmer who can either plant or market/consume his crop. Whatever amount he plants becomes a crop twice the size the following year. For example, if he plants seed from 2 ears of corn, he gets 4 ears of corn at harvest. Assume he starts off..
Which of the following results should be included where the question mark appears in the illustration? Which of the following is correct regarding the structure of the Federal Reserve? Which of the following results should be included where the quest..
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
Elucidate and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
Illustrate what are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers.
As of January, 2014, the U.S. now has the first woman Chairman of the Federal Reserve. Janet Yellen is probably going to continue the Federal Reserve’s current policies. Explain how these monetary concerns will affect a small business where you are c..
Explain why marginal cost curves slope downward as firms increase their output from "0”; but, eventually, as output continues to expand, marginal cost curves slope upward and ultimately become vertical.
The rate cut was made because European nations were growing very slowly or were in recession. What effect did the bank hope the action would have on the economy.
A boiler is being considered for a new process plant. The boiler can be fired either by natural gas, fuel oil, or coal. A decision must be made on which fuel to use. An analysis of the costs shows that the installed cost, with all controls, would be ..
q1. suppose we have two economies- lets call them earth and mars- that are identical except that one begins with a
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