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Suppose that the economy is characterized by this Cobb-Douglas production function: Y = 60K1/3L2/3
a) What are the returns to scale of the production function? Show it.
b) If firms in the economy decide to hire 8,000 workers and 64,000 units of capital, what is the total product in the economy, what is the equilibrium real wage and the equilibrium real price of capital?
c) If firms in this economy decide to increase the number of hired workers to 12,000 workers and keep the number of units of capital equal to 64,000, what happens to the equilibrium wage and what happens with the share of wages in total income? Explain.
Trade barriers (quotas and tariffs) are often used to protect domestic workers. Explain how the use of such barriers creates higher unemployment rather than protecting it.
Would you rather earn a 4 % nomical or 4% real interest rate? Illustrate by describing the difference between nominal and real variables.
What is your assessment of the state of the Greek economy (or any other specific EU country of your choice)? What steps have been taken to mitigate the damage and fix it? Will they work?
Draw a graph of the market for banana. What are the equilibrium price and quantity? Explain why. If the price of banana was $1.50 a box. What would be the situation in the banana market (shortage or surplus)? Explain why and how the price and quanti..
Research and briefly explain 2-3 methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
Find out what they are, how they work, and post your findings here. Be sure to review the posts of your classmates as well and comment on their discoveries.
Find the biggest economic concern for Argentina, like unemployment or population, and factors behind economic growth in Hong Kong and Singapore?
Discussion - Why the Rapid Development? What do you feel has accounted for the rapid development of countries like South Korea, China, Brazil, and India? Explain your reasoning.
According to the analysis of this chapter, would U.S. government spending constrained by "buy American" restrictions have had a bigger effect on U.S. output than unconstrained U.S. government spending? Why or why not?
Describe how and why Microsoft fails to achieve productive efficiency in selling its Windows operating system under these assumptions
How is the project related to Economic? How the project is going to help people who live in that city? Three questions related to the article to ask students by the end of the presentation.
What are the major political and economic arguments against free trade?
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