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Suppose a firm’s production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL =(K^1/2)/(2L^1/2) , and MPK =(L^1/2)/(2K^1/2) . a) Suppose the price of labor is w = 25, and the price of capital is r = 4. Derive the firm’s total cost function. b) What is the firm’s marginal cost? c) For this problem, you will sketch the graph of the firm’s isoquant for Q = 10 units of output, and on the same graph sketch the firm’s isocost line associated with the total cost of producing Q = 10 units of output. For the isoquant, clearly identify 4 combinations of Labor and Capital that will produce Q = 10 (including the bundle that minimizes the firm’s cost of production).
Write down the consumer budget constraints when young also when old the consumer lifetime budget constraint the government budget constraint also the market clearing conditions.
Suppose the Canadian economy, on a fixed exchange rate, has a real growth rate of 2% and is in equilibrium with an inflation rate of 10% and a risk premium of 1%. Suppose changes in the U.S. cause its real rate of interest to increase from 3% to 4% a..
Mary has borrowed $125,000 at 8% from her parents. She is asking Kevin for $75,000 to start her own business. Kevin requires that the business make a 12% rate of return. What is Mary's before-tax cost of capital?
If a nation has no absolute advantage, then it? A) cannot gain from trade B)can still gain from trade C)can only gain from trade if it raises its productivity D)can only gain from trade if it reduces wages paid E)can only gain trade if it produces ou..
In classical macroeconomic theory, the concept of monetary neutrality means that changes in the money supply do not influence real variables. Explain why changes in money growth affect the nominal interest rate, but not the real interest rate.
Refer to the Real Estate data, which reports information of homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes.
If this economy were an open economy with a flexible exchange rate, would the usual crowding out forces be supplemented or offset by forces from the international sector
Describe briefly one trade topic identified by the WTO on the website. And, what did you learn from the Web site about the WTO.
What are the various ways in which the Federal Reserve influences the economy? What important tools do they use in influencing the commercial banking system?
How will a cut in Government Spending of $300 billion with a MPC equal to .75 impact AD, inflation, and output? Why? Make sure to include the appropriate equations and graph. How does the cut in Government spending impact the budget deficit and the n..
What is “effective demand” according to keynes? How can there be a lack of effective demand? How did keynes explain that aggregate production and aggregate spending might not be equal? What happens if aggregate production is greater than aggregate sp..
The market for DVD rentals in Dallas, Texas, is estimated to be P= 10-0.002Q. Marginal cost (MC) of rental is equal to $2. Where PD is the price (per DVD in $) for DVD QD is quantity of weekly rental. The marginal revenue (MR) for rental is equal to
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