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The manager of a meat-packing plant can use either butchers (labor) or meat saws (capital) to prepare packages of sirloin steak. Based on estimates provided by an efficiency expert, the firm's production function for sirloin steak is given by Q=K+L.
a. Graph the isoquant corresponding to 5 units of output.
b. What is the marginal product of capital and labor? Does the answer depend on how much labor and capital are used?
c. If the price of labor is $2 per hour and the rental price of capital is $3 per hour, how much capital and labor should be used to minimize the cost of production?
The city government is losing millions of dollars on the mass transit system (buses and subways). The government proposes to increase the fare of a ticket by 20% to raise revenue and has asked your advice. You know that the price elasticity of demand..
Average citizens are not concerned about the incidence and efficiency of taxes when they debate tax issues. They are concerned primarily about the fairness of the tax system. Economists have proposed two conflicting principles of fairness in any tax ..
Rent controls place price ceilings on rents at levels below market equilibrium rental rates for the stated purpose of making housing more affordable for low-income families. Using demand and supply analysis, answer the following questions:
Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs.
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H)=420-80H and MC(H)=100+240H. Write..
Use your knowledge about price-searching firms and two-part pricing to advise the company below. A company has a bar and is trying to decide on the cover charge (if any) and price for each drink. It has done a modest regression study in which it aske..
This HW assignment is very relevant to the Great Recession experienced in the US from December 1997 - June 1999. In particular, we experience a significant and negative wealth shock and map out how this effects the consumption decisions of households..
The best use of scarce resources paid for at the minimum level of cost to consumers and businesses
Using appropriate models or theories, explain the economic intuition (logic) behind the following events. An increase in money supply leads to a fall in short-run interest rate. An increase in real income leads to a rise In short-run Interest rate
You decide to open a retirement account at your local bank that pays 7%/year/month (7% per year compounded monthly). For the next 20 years, you will deposit $500 per month into the account, with all deposits and withdrawals occurring at month’s end.
Suppose there are two goods being produced in the economy: robots and wheat. Robots are a capital intensive good and wheat is a labor intensive good. Supposethat there are two countries: France and Brazil. France is capital abundant andBrazil is labo..
Use the endogenous growth model to determine the effects of this on the paths of aggregate consumption and aggregate output overtime.
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