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Suppose either computers or televisions can be assembled with the following labor inputs:
Units produced 1 2 3 4 5 6 7 8 9 10Total labor used 3 7 12 18 25 33 42 54 70 90
(a) Draw the production possibilities curve for an economy with 54 units of labor.
(b) What is the opportunity cost of the eighth computer?
(c) Suppose immigration brings in 36 more workers. Redraw the production possibilities curve to reflect this added labor. Label the new curve P90.
(d) Suppose advancing technology (e.g., the miniaturization of electronic circuits) increases the productivity of the 90-laborer workforce by 20 percent. Draw a third production possibilities curve (PT) to illustrate this change.
Design a simple econometric research project
Multiplicative decomposition method
The Australian government administers two programs that affect the market for cigarettes.
Solve the forecast model
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Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Determine when a competitively produced product generates negative externalities in production, the industry will,
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
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