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Suppose that a firm's production function is given by Q = K^0.33L^0.67, where MPK = 0.33K−0.67L^0.67 and MPL = 0.67K^0.33L−0.33. As L increases, what happens to the marginal product of labor? What happens to the marginal product of capital?
MPL increases; MPK increases
MPL decreases; MPK decreases
MPL decreases; MPK increases
MPL increases; MPK decreases
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
explain how the short-run phillips curve the long-run phillips curve the short-run aggregate supply curve the long-run
Assume Okun's law holds also a one percent (%)age point rise in the unemployment rate reduces real output by 2% of full-employment output. The expectations-augmented Phillips curve.
Many industrialized countries such as the United States attempt to seriously restrict immigration of production workers, but are more open to immigrants who are highly-skilled. Why might this be the case? Why is this a problem for developing countrie..
Determine the impact on the economy if the central bank in U.S. used inflation targeting.
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets. The production manager of Bavarian Crystal Works estimates total and marginal production costs to be TC = 10,000 + 40Q + 0.0025Q2 and MC = 40..
Let X ∈ [0, 10] and y = f(x) = cx with c > 0. What is the slope of f(x)? Is it constant or it depends on x? What is the value of f(x) when x = 3?
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar?
Another alternative donation scenario is to deposit $25,000 now in a savings account with a guaranteed rate of return of 5% per year compounded monthly. Each month your company will withdraw $1000 from this account and donate it to Children's Hosp..
An HR manager comes with an matter symptomatic of an underlying problem. He says which levels of employee motivation in his organization are dropping leading to drop in employee productivity.
Illustrate what are the consumer surplus, producer surplus and the social welfare in the market.
How big would that budget have to be before he would spend a dollar buying a first cup of coffee.
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