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Critically examine the basic formulations of the harrod- domar model of economic growth. how does the harrod model explain the occurrence of trade cycles?
An agreement reached with the labour union in which wage increases are tied to productivity increases
What are the key points in short run production functions that delineate the three stages of production?Explain the relationship between the law of diminishing return and three stages of production.
All three spend half their time on each activity (C)iv. Larry spends half his time on each activity, while Moeonly washes cars and Curly only mows lawns (D)
"In the Solow model, an economy that starts with a higher stock of capital per capita will reach a higher steady state level of capital per capita"
Show that equation (1) implies that per capita investment is also a constant fraction of per capita income. Which equation, which was not stated in the set up of this question, do you need to show thi
Calculate the profit each firm earns in equilibrium.You are a manager for Herman Miller—a major manufacturer of office furniture. You recently hired an economist to work with engineering and ope
1. Consider a one-year discount bond that pays $2,000 one year from now. If the rate of discount is 3 percent, calculate the present value of the bond.
Describe how free market features could be introduced to help alleviate the problem
Draw the decision tree for this problem without the probability values
Assume that Mf = Ma. Find the real wage that makes total labor supply and total labor demand exactly equal to each other (this is called, the equilibrium real wage). Find the equilibrium number of hou
The inverse market demand in a homogeneous-product Cournot duopoly is P = 100 – 2(Q1 + Q2) and costs are C1(Q1) = 12Q1 and C2(Q2) = 20Q2.
The Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $5. After a consumer accrues 10 stamps, she receives one dozen
The accompanying graph (top of next page) summarizes the demand and costs for a firm that operates in a perfectly competitive market.
Consider now the decision problem of the agents. Let n denote the number of hours per month that an agent works. Write an equation relating n and l. Write the agents budget constraint. Express the bud
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q) = 150 + 28Q – 5Q2 and C(Q) = 100 + 8Q. (Note: MB(Q) = 28 – 10Q and
Suppose that the Government introduces a labor tax: for each hour of labor hired, the firm needs to pay to the Government. Find the new optimal demand for labor. Is it higher or lower than in the ab
Assume that the price of the consumption good (denote it by P) is exogenously given and equal to 2. Use W to denote the hourly nominal wage in the economy
If an agent is liquidity constrained, then an unexpected increase in transitory income of $100 can result in the agentís current consumption increasing by $100"
Suppose that the production function is given by Y = C + KaN1-a where C is a positive constant. Does an increase in C affect the marginal product of any factor? Will it affect labor productivity?
Over what range will changes in marginal cost have no effect on CDW’s profit-maximizing level of output?
If the government imposes a price floor at $9 (i.e., price must be $9 or higher) in the above market, how many goods will be traded?
Skill-biased technical change, through its effect on labor supply of skilled and unskilled workers, can generate an increase in wage inequality"
Sal Pizza Shop has a unique recipe for pizza, and currently its optimal price is $20 per pizza at a quantity of 200 pizzas per week. Its marginal cost is $12 per pizza when it produces fewer than 180
If a firm’s expansion path is a straight line starting on the origin, that implies that we have constant returns to scale (Hint – think of the Cobb-Douglas production function).