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Suppose that country A is now at steady state. There is a one-time increase in population. All other factors are unchanged. Illustrate in the diagram how the country will move toward the steady state. (b) Suppose that technology of country B improves, but the capital now depreciates at a faster rate. What can you say about the new steady state? Illustrate your answers in a diagram. (c) Suppose both country C and country D are now in steady state. Yet country D has a higher output per capita. Give three reasons to explain why country D has a higher output per capita. (d) Suppose the production function of country E shows an increasing return to capital. What can we say about the steady state of output per capita of country E?
A cubic total cost function is expressed as TC=a+bq+cq^2+dq^3 if a=0 b=400 c=-50 and d=5 then. What are MC (Marginal Cost) and ATC (Average Total Cost) respectively equal to? At what output levels are MC and ATC respectively minimized?
The football coach at a midwestern university was given a 5-year employment contract that paid $225,000 the first year and increased at an 8% uniform rate in each subsequent year. At the end of the first year’s football season, the alumni demanded th..
Future Economic Impact: At present there are a few notable industry leaders that have strong opinions on AI, its future, and its impact on humanity. Explain these opinions and critically critique them.
A common criticism of retail sales and excise taxes is:
You are an executive for Super Computer, Inc. (SC), which rents out super computers. SC receives a fixed rental payment per time period in exchange for the right to unlimited computing at a rate of P cents per second. What rental fee and usage fee sh..
Which of the following will NOT shift the supply for tea?
Select one significant environmental issue. What are the costs and benefits of our current environmental issues from an economic standpoint? What type of market failure could those problems is defined as? What can you as an individual do to help in a..
Select an industry or firm. State its market structure (pure competition, monopoly, monopolistic, or oligopoly). Next, please define the characteristics of the industry or firm that support your selection of market structure. Lastly, describe and ill..
Samantha Roberts has a job as a pharmacist earning $30,000 per year, and she is deciding whether to take another job as the manager of another pharmacy for $40,000 per year or to purchase a pharmacy that generates a revenue of $200,000 per year.Compa..
Exploring a new coal mine costs $100,000 and has a 40 percent chance of finding $500,000 of coal and 60 percent chance of finding $100,000 of coal. The expected value of perfect information is:
Application Coal mining believes that it can increase labour productivity and, therefore, net revenue by reducing air pollution in its mines. Explain how much pollution reduction should Appalachian Coal Mining Undertake.
A consumer has preferences between two goods, hamburgers (measured by H) and milkshakes (measured by M). His preferences over the two goods are represented by the utility function U = √H + √M. For this utility function MUH = 1/(2√H) and MUM = 1/(2√M)..
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