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U.S. logging companies employ Canadian loggers to cut Maine trees. When the federal government restricted the number of temporary workers permitted in the United States, the logging companies had to use fewer Canadian loggers. Unable to find U.S. workers willing to cut trees, the logging companies had to lay off workers in complementary operations- truck drivers, for example. Suppose that a logging company needs exactly one truck driver for each six loggers it employs. Each truck driver and team of six loggers can cut and transport 80,000 tons of wood per day. What is the marginal revenue product function for truckers, and how does the function depend on the number of loggers employed? Show that with a decrease in the number of loggers, a logging company would hire fewer truckers
Use the diagram with the helping line to draw a level of aggregate expenditure that would lead to an economy at an equilibrium with a real GDP of $9 trillion. Illustrate the effect of a decrease in autonomous net taxes of $200 billion when the mar..
What kind of fiscal policy would you recommend? Illustrate the impact of your recommendation in a fully labeled aggregate demand-aggregate supply graph. What does your plan suggest will happen to output, employment, and inflation?
a representative consumer with preferences over goods x1 and x2 given by U(x1,x2)=1/2 log X1+1/2 Log X2. assume the consumer has an exogenous income of M=100. suppose initial prices are p1=3 and p2=5 calculate the optimal consumption of both goods
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10 220 15 300 20 360 25 450 30 600 35 770 40 960 a. What is the marginal cost and average total cost for the firm at each level of output
Suppose a competitive firm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C(Q) = 10Q + (Q2/160). The marginal cost is given by MC = 10 + (Q/80).
Provide an alternative estimator and compare these results to your OLS results. Why is your alternative estimator appropriate for this data generating process? Is OLS valid for this data generating process? Why or why not? Test and explain.
Then plot the graph of the function and determine if it displays increasing, constant or decreasing marginal utility.
A group of enterprising engineering students has developed a process for extracting combustible methane gas from cow manure (don't worry the exhaust is odorless). With a specially adapted internal combustion engine, the students claim that an auto..
See whether you can explain the difference between the relationship of spot and futures prices for the pound and yen, respectively
One hundred compressors of 200 H.P. rating are being considered for purchase by the state highway department. The compressor index was 400 five years ago and is 520 today. The cost of 150 H.P. compressors bought five years ago is as follows.
1.)Calculate the marginal tax rate (MTR) and average tax rate (ATR) for a person earning $15,000 and one earning $35,000. 2.)Is this tax system progressive, regressive, or proportional Describe fully 3.)Is it ever possible for the MTR = ATR When
Peroxyacyl nitrate (PAN) is a component of photochemical smog. It is formed from aldehydes by reaction with OH as follows
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