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An economy has the following cobb-douglas production function: Y=K1/3L2/3. The economy has 1000 units of capital and a labor force of 1000 workers. Congress cannot dictate how many workers firms hire at the mandated wage. Given this fact, what are the effects of this law? What happens to employment, output, and total income of workers? Will congress succeed in its goal of helping the working class? Explain. do you think that this analysis provides a good way of thinking about a minimum wage law? Why or why not?
Suppose that average earnings by age group for bachelor's and Master's degree holders were as follows: Age group bachelor's Master's 23-24 $35,000 -- 25-29 40,000 $48,000 30-34 44,000 56,000 Suppose further that tuition and fees for the Master's p..
Amy has $12 a week to go spend on coffee and pop. The Price of coffee is $2 a cup, and pop is $1 a can. Draw a graph of Amy's budget line. Can Amy buy 7 cans of pop and 2 cups of coffee a week? Can she buy 7 cups of coffee and 2 cans of pop a week..
Determine the Net Present Value of the cash flow at annual interest rates of 15%, 20%, and 30%. At what rate would the NPV become zero What is such a rate called Also, calculate the payback periods, both simple and discounted at 15% per year.
A company bought a piece of equipment for $100000 3 years ago, with salvage values of $20000 after 8 years. The machine now can be sold for $35000. The annual operating cost for this equipment is $15000. A new piece of equipment can be bought.
Danny "Dimes" Donahue is a neighborhood's 9-year old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.50 each, he sells 100. At a price of $1.00 each, he sells 300.
a city is spending $20 million on a new sewage system. The expected life of the system is 40 years, and it will have no market value at the end of its life. Operating and maintenance expenses for the system are projected to average $0.6 million pe..
Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth)..
Gary and Diane must prepare a presentation. As part of their presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides.
This question refers to the estimated regressions in table 1 computed using data for 1988 from the United States Current Population opinion poll.
A new engineer is evaluating whether to use a larger-diameter pipe for a water line. It will cost $350,000 more initially, but it will reduce pumping costs. The optimistic, most-likely, and pessimistic projections for annual savings are $30,000, $..
What is the marginal product of the third worker What is the marginal revenue product of the second worker What is the marginal cost of the fourth worker Based on your knowledge of marginal analysis, how many workers should you hire
Externalities-analysis and policy design: Suppose that in a competitive market, demand is given by the equation P = 600 - Q, and supply is given by the equation P = 160 + Q, where P is price and Q is quantity of some good or service.
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