A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 20,000 unit of capital and 500 workers, find the real wage approximately.
Q: what are the environment impact of the virtual reality gaming ? what are the benefits of the virtual...
A: Virtual reality gaming basically refers to the new diversion of the gaming with the use of VR . This...
Q: The following graph depicts the daily labour supply curve for Jake, a worker in the construction ind...
A: Labour supply curve shows a positive relationship between wage rates and labour hours. It shows at a...
Q: Write the expression for consumption per capita in the steady-state equilibrium, as a function of ca...
A: 1. Solow creates a long-run economic growth mathematical model. He assumes that both capital and lab...
Q: What is a break-even point?
A: The breakeven point for a product is the point at which the costs of production equal the revenues. ...
Q: Matt gets tired of doing an Econ PhD and decides he'd rather go start a small rutabaga farm instead,...
A: Lease cost per year = $50000 Number of plants grow = 5000 Cost to grow one plant = $2 Selling price ...
Q: Table 6.1 Number of Total Utility Marginal Utility Hamburgers per Day 30 2 52 67 4. 76 4. Number of ...
A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer ...
Q: The long-run supply curve for a particular type of kitchen knife is a hori- zontal line at a price o...
A: Demand curve for kitchen knife :- Q = 50 - 2p Q is the quantity demanded in million and the p is the...
Q: The maintenance of a room air conditioner is expected to be P 200,000 at the end of the first year a...
A: We have given the cash flow Year Maintenance cost per year 1 200,000 2 200,000+10,000 3 2...
Q: Joe has just moved to a small town with only one golf course, the Northlands Golf Club. His inverse ...
A: Given, Joe's inverse demand curve, p = 120 - 2q. Marginal cost = $20 Thus, at marginal cost $20, dem...
Q: At the profit-maximizing level of output, marginal profit is also maximized O is zero is positive is...
A: Any will firm maximize profit where: Marginal Revenue = Marginal Cost Marginal Profit = MR - MC
Q: What are the distinguishing characteristics of social-ist economies?
A: An economy is a large collection of interconnected production and consumption activities that help ...
Q: Suppose the central bank announces that it will increase the money supply in the future, but it does...
A: When the central bank announces to increase the money supply in the coming future but does not raise...
Q: Today, approximately _______ of the united states population lives in cities
A: The background of US economy The US economy is one of the world's wealthiest and most diverse, with ...
Q: Which of the following statements are correct regarding the characteristics of a guardianship of the...
A: A guardian is a person who has been legally appointed to watch after another person's affairs, such ...
Q: Lorenzo has the following labour supply curve: Labour Supply LABOUR (Hours) between w3 and w1 betwee...
A: The graph shows backward bending labor supply where labor supply is initially upward sloping and the...
Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and i...
A: Audit risk is defined as "the chance that the auditor may give an erroneous audit opinion" when fina...
Q: Commodity Unit January February Маrch April May ROOT CROPS Carrots 97,887 62,325 17,883 9,815 31,248...
A: Given information Pimentos is working under perfect competition P=$13.13 Q=3385
Q: indeed support the collusive equilibrium. Now suppose that Firm 2’s marginal cost is $4, but Firm 1...
A: The correct answer is given in the second step.
Q: Emissions Marginal Abatement Total Abatement Cost Total Tax Bill at Total Costs (tons/month) Cost $1...
A: Emissions MAC TAC TTB Total Cost 10 0 0 150*10 = 1500 1500 9 15 15 150*9= 1350 15+1350=1365 8 ...
Q: Decreasing marginal returns occur in the short run as more labor is hired to work in fixed sized pla...
A: As more and more labors are hired, the marginal returns starts to fall.
Q: The law of decreasing returns states that as a firm uses more of a A) variable input, total output w...
A: In economics, various theories and findings of economists explain specific market fluctuations.
Q: Suppose a French car costs 22,000 Euro, and a similar Turkish car costs 300,000 TL. If Euro/TL exhan...
A: Given; Price of car in France= 22000 Euro Price of car in Turkey= 300000 TL Nominal exchange rate= 1...
Q: A device costs P20,000. After 7 years, it is expected to be worth P6,000. Using the SL method, find ...
A: Depreciation simply means fall in the value of assets. There are various methods to calculate deprec...
Q: What are the two assumptions used to calculate the money multiplier?
A:
Q: Suppose that the demand and supply functions of pineapples are given by Qd = 2000 - 400P Qs = 1600...
A: Below is the given values: Qd = 2000 - 400P Qs = 1600P
Q: A manager accepts the work submitted by his typist only when there is no mistake in the work. The ty...
A:
Q: There are several identical firms in a perfectly competitive market in the long run. Each firm faces...
A: A perfectly competitive firm produces at P = MC = ATC in long run. ----------------------- TC = 400...
Q: From the perspective of someone using aggregate-demand and aggregate supply analysis, what is the im...
A: The aggregate demand/aggregate supply model is a macroeconomic model that explains what determines t...
Q: Explain the two main causes of market failure (externality and market power) and give an example of ...
A: market failure is a situation in which the allocation of goods and services by a free market is not ...
Q: Briefly explain why economists prefer to levy taxes on goods that have inelastic demands than on goo...
A: The measure that depicts the change in quantity being demanded of a good with respect to its level o...
Q: If we want to enhance our measure of national economic well being beyond what GDP figures tell us, w...
A: Gross domestic report (GDP) refers to all the final value of goods and services produce in a nation ...
Q: Question 14 The deviation of unemployment from its natural rate is called O frictional unemployment....
A: Natural rate of unemployment is the unemployment even actual output produced is equal to the potenti...
Q: Game Theory N-person simultaneous game question Please help with explanation and step by step answer...
A: Number of farmers = 20 Strategy set of each farmer = { 2 cows , 1 cow } Profit per cow = 3000 - 100...
Q: In the texts provided about the major national/international issues/problems and their possible appr...
A: Introduction: According to a study by EU sponsored Migrant Integration Policy Index (MIPEX) Switzer...
Q: Recognize the objectives a firm has in setting prices and the constraints that restrict the range of...
A: The goals that assist your organisation in determining the cost of a product or service to existing ...
Q: Economists use the notation Q = f(L,K) to describe Select one: A. the arithmetic relationship betwee...
A: Q= f (L,K) The given economic notion represents a production function where Q stands for output, L s...
Q: The total product curve shows the relationship between total product a A) the marginal product. B) t...
A: Total product refers to the quantity of output that a firm produces using factors of production.
Q: Which of the following is an example of fiscal policy? a. Fighting the war on terror b. Giving peopl...
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any sp...
Q: 1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q? The...
A:
Q: How is profit defined under the Marxian and Neoclassical Schools of thought?
A: Marxian economics is a school of thinking based on Karl Marx's ideas, as the name indicates.Marx pub...
Q: Discuss the functions of Philippine Council for Agriculture, Aquatic and Natural Resources and Devel...
A: The Philippine council for Agriculture, Aquatic, and Natural Resources Research and Development (kno...
Q: In the national-income model Y = C+I+ Go C = a + B(1- t) Y I = I, + 8Y assume that a > 0 and B, 6, t...
A:
Q: Identify the following variables as more variable than GDP or less variable than GDP: (1) consumptio...
A: In an economy, different variables are influenced by market condition in different ways and in diffe...
Q: An insurance company insures 4,000 people against loss of both eyes in a car accident. Based on prev...
A:
Q: In sample 400 parts manufactured by a factory, the number of defective parts was found to be 30. The...
A:
Q: The short run is a time period that is A) long enough to change the size of the firm's plant. B) too...
A: Time period refers to the amount of time required for a factor to change. Time period influences the...
Q: You work for a Panamanian importing company. You import car radios from a Japanese supplier. Under t...
A: Although currency rate risk, often known as foreign exchange (forex) risk, is an inevitable risk of ...
Q: Two firms are playing an infinitely-repeated prisoner's dilemma pricing game of the following form: ...
A:
Q: define the concept of consumer's equilibrium, present it into figure and justify the statement by de...
A: Utility: When a consumer is consuming some commodities then the consumer gets some satisfaction from...
Q: Which of the following statements is (are) correct? (x) In the short run, if a firm produces nothi...
A: Fixed cost is the cost incurred by the producer for the purchase of fixed inputs. These costs do not...
Step by step
Solved in 2 steps
- The Al-Maskri Company in Seeb makes flower pots and receives RO 10 for each finished pot. Mr. Al-Maskri’s only factors of production are flower pot machine operators (labor) and a small building where the laborers work from. The number of flower pots per day the company produces depends on the number of employee-hours per day as shown below. The wage is RO 15 per hour. Number of pots per day Number of employee-hours per day 0 0 5 1 10 2 15 4 20 7 25 11 30 16 35 22 Al-Maskri’s daily fixed cost for the flower pot making machine and building is RO 60. Complete the following Table showing total revenue, variable cost, total cost, and daily profit for various quantities of daily flower pot production. Quantity of Pots per day Total Revenue RO per day Variable Costs RO per day Total Costs RO per day Profit RO per day 0 0 0 60 -60 5 75 -25 10 15…Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is contemplating to keep her shop open after 6 p.m. and until midnight. In order to do so, she would have to hire additional workers, L. She estimates that the additional workers would generate the following total output, Q (where each unit of output refers to 100 pages duplicated). Workers hired (L) 0 1 2 3 4 5 6 Total product (Q) 0 12 22 30 36 40 42 A. Help Mrs. Mei Mei to calculate the average product (APL) and marginal product (MPL) of the additional worker (please copy the table in your answer). B. Using the VMP rules, how many workers should Mrs. Mei Mei hires if the price of each unit of output is $10 and each workers hired must be paid $40 per day (show the relevant calculation. C. Using MR=MC approach, prove that the number of workers that Mrs. Mei Mei should hire is the same as that obtained in (b).The table shows the daily production of Papaya Co., that supplies papayas to hotels and restaurants in Manila Price of 1 kg. =P50, Daily wage per What is the marginal product worker P500 of each of the 6th to 10th workers? MP No. of Total AP (kg) [Select] (kg) Law of Diminishing marginal returns sets in after how many workers? Workers Product (kg) per per worker worker [Select] 0 5 10 15 20 25 30 35 0 1500 4500 10500 18000 24000 27000 28000
- A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 15,000 unit of capital and 600 workers, find the real wage approximately. Select one: a. 16.36 b. 9.12 C. 15.81 d. 6.45 e. 12.50Consider a two-sector economy that employs a total of 105 units of a single input, labor. Ny of these units are allocated to sector 1, where the wage is 90 for the top five workers in that sector and zero for all others. (Both the wage for the top workers and the number who receive that wage are invariant to changes in Ng) The remaining N2= 105 - Ngunits of labor serve in sector 2, where every worker receives a wage of 10. All workers in sector 1 have an equal probability of being among the top five workers, 6/Ng. and all workers are risk neutral. Instructions: Round your answers to the nearest whole number. a. How many workers will work in sector 1? N1 = b. What will be the value of GNP for the economy? GNP = c. How would your answers differ if there were a 50% tax on the earnings of workers in sector 1? Workers in sector 1: GNP:Based on the graph below, how much is the marginal product of labour of the sixth worker, if Q5=67 units per period and Q6=88. Q in Units/period Q6 Q5 6. Lin Workers/period Ca15 units per peciod
- A firm employs M workers per week and the length of the workweek at the firm is H Let MPM be the added output from an additional employee and let MPH be the added output from a one hour increase in the workweek at the firm. MEM and MEH are, respectively, the marginal expense of an added worker and of an added hour of work. At present, the cost of an added unit of output produced by hiring more workers is $5 while the cost of an added unit of output produced by employing existing workers for more hours is $3. Is the firm maximizing profits given its current employment level and workweek? If your answer is yes, explain why. If your answer is no, explain why not and discuss what adjustments the firm should make. It's a general question. There's no given output being produced by added workers and additional hours.Currentlyyouworkfor40hoursperweekatthewagerateof$20anhour.Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, how many hours will you work? How many free hours will you have?During the 1920s, Charles Cobb and Paul Dougkas modeled totalproduction output P (of a firm, company or entire economy) as a function of labourhours involved x and capital invested y (each includes the monetary worth of allbuildings and equipment). The Cobb-Douglas production function isP(x, y) = k x^α y^(1−α),where k ad α are constants representative of a particular firm or economy.(1) Show that doubling of both labor and capital results in doubling productionP.(2) Suppose a particular firm has the production function for k = 120 andα =3/4. Assume each unit of labor costs $250 and each unit of capital costs$400, and that the total expense for all costs cannot exceed $100,000. Findthe maximum production level for the firm.(3) Compute the production level at x = 64 and y = 81. If the capital isdecreased by 3 units, by how many units the labor should be adjusted toso that there is not change in production level.
- onsider the following production function: q=96LK + 25L2 13 sume capital is fixed at K=25. what level of employment does the marginal product of labor equal zero? e marginal product of labor equals zero when %1 (Enter a numeric response usingGopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 1 80 2 150 3 210 4 250 5 270 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 300 270 240 Production Function 210 180 150 120 90 60 30 LABOR (Number of workers) OUTPUT (Shovels)Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…