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1. Consider an economy described by the production function:
Y = F(K,L) = K3L7
a. What is the per worker production function?
b. Assuming no population growth or technological progress, find the steady state capital stock per worker , output per worker, and consumption per worker as a function of the savings rate and the depreciation rate.
c. Assume that the depreciation rate is 10% per year. Make a table showing steady state capital per worker, output per worker, and consumption per worker for savings rates of 0%, 10%, 20%, 30%, and so on. What saving rate maximizes output per worker? What saving rate maximizes consumption per worker?
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
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Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. What impact do you suppose farm subsidies are likely to have on the following?
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
Compare the work and formulas for computation of Expected Value, Absolute Risk Measurement, and Relative Risk for both projects.
Do workers of monopolies get paid more compared to employees who do the similar work in other industries that are not monopolies?
Estimate the regression model (E) using the OLS estimator and provide a summary report of the result (i.e., the estimated equation with the standard errors and/or t-ratios with other relevant statistics).
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