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Suppose a firm's budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function is X = KL. Given that output must be at least 20, what is the maximum number of people the firm could employ?
Problem: (a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price
NORMAL AND SUPERNORMAL PROFITS Normal profit refers to the payment necessary to keep an entrepreneur in a particular line of production. In economics, it is generally belie
Using the same simple macro model we developed in Module 2: a. Show what will happen to national income (GDP) if the administration implements another $100 (billion) stimulus s
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
NOMINAL RIGIDITIES VERSUS REAL RIGIDITIES Nominal rigidities are said to exist when nominal prices and wages do not change in the face of conditions that call for thei
Consider the following hypothetical story: Last spring, there was an outbreak of a nasty disease known as cyclosporiasis, which was eventually traced to Guatemalan raspberries. Tog
Assignment
Elastic Supply Supply is said to be price elastic if changes in price bring about changes in quantity supplied in greater proportion. Thus, when price increases, quantity sup
Market demand and consumers surplus Suppose that the market price of a cup of coffee is K£4 but the consumer was willing to pay £9 for the first unit, £8 for the second, £7 fo
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