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a. Suppose, in the simple RBC model developed in Section 21-5, that .35 and .05. How much of an output increase will result from a 10 percent increase in the marginal product of labor, given these parameter values? [ Hint: Use equation (37).]
b. Would there be strong intertemporal substitution of leisure in using the parameters given in part ( a )? Why or why not?
What was the rate of increase for these automobiles between the two time periods?
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production-possibilities schedules in the table below describe their potential output in tons per year. (a) What is the opportunity cost of pearls on..
Some people argue that the MINIMUM WAGE by pricing many unskilledteenagers out of the labor market, cause them to turn to sellingdrugs. After all, if a person can't get a job legally, they willget one illegally. The alternative is to starve.
An investor deposits $30,000 annually at the end of each year for the next 15 years. At the end of the 16th year he starts to withdraw a geometric series of 20 annual payments, each 5% larger than the previous one. If the first payment is $50,000
The price that consumers are willing and able to pay for this outputis $40 per unit. If it priduces this output, the firms average total cost is $43 per unit, and its average fixed cost is $8 per unit.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). Repeat part (b) for the case in which px..
Venus Computer can produce 23,000 personal computersa year on its daytime shift. The fixed manufacturing costs per yearare $2million and the total labor cost is $9,109,000. To increaseits production to 46,000 computers per year
what uniform price will he charge and how much profit will he earn. The following figure shows the demand and marginal revenue for a monopolist, who has many buyers with different valuations of the good.
Table 22.4 shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2?
Why is the pollution haven hypothesis more likely to be correct in the case of recycled batteries than in the case of sock production?
How did Pop Art challenge conventional ideas about originality? Consider the subject matter and techniques of artists like Andy Warhol and Roy Lichtenstein.
The first that comes to mind in my area is Entergy. They are like most power companies where they are monopolistic by nature, as you do not get to choose who you purchase power from.
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