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1. What are the differences between a firm's production in the short run and the long run?
2. What does a production function tell us?
3. Why is a firm's marginal product of labor more relevant than the marginal product of capital in the short run?
Stephen Zehnder, an enterprising engineer, wants to get into business. He is looking at the following two alternatives. He has compiled the cost data for both alternatives as shown in table below. If Stephen wants to have at least a rate of return..
Find the BLUE estimator of µ in the case where it is known that Y1 and Y2 have the same variance (are homoskedastic), say σ2Y . Show that it is, in fact, BLUE. Report the variance of this estimator.
To dig a hole, it takes one person (P) and one shovel (S). The total number of holes dug is given by the production function h=f(P,S)=min(P,S). If you currently have 2 persons and 4 shovels, what is the marginal product of persons
How many years will it take for X to recover the cost of acquiring Y?
Further suppose that 51.3% of births are male. What is the probability that a randomly chosen child will be affected by the disease?
The tangency condition implies the Euler equation MU(Ct) = (1+r1 ) MU (Ct+1). Now assume the marginal utility functions are MU (Ct) =βtct-1/α (1) where α is the intertemporal elasticity of substitution(IES) (a) Derive the specific Euler equat..
Two investments have the following expected returns(net present values) and standard deviation of return. Product A Expected return$50,000 Standard deviation $40,000 Product B Expected return $250,000 Standard deviation $125,00.
Describe the adjustment process, assuming that output began at its natural (fullemployment) level.
Suppose that because of a technological breakthrough a firm that uses a single input to produce its output is able to double its production for any given amount of the input. What happens to the firm's average product of labor? What about its marg..
Suppose that a sudden decrease in aggregate demand moves the economy from its long-run equilibrium.
The table below gives growth rates for the United States for various time periods. Using these data, calculate the growth rate of average hours worked per capita for each period.
Draw an aggregate demand and supply diagram for Japan.
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