According to your opinion, what do you think can cause an increase in the long run trend of economic growth? CAUSES OF THE INCREASE IN THE LONG-RUNG ECONOMIC GROWTHHThe Long run trend rate of economic growth measures the average sustainable rate of economicgrowth over a period of time.The Long Run…
2. • An economy has a Cobb-Douglas production function: Y=Kα(LE)1−α. (For a review of the Cobb-Douglas production function, see Chapter 3.) The economy has a capital share of 1/3, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of laboraugmenting technological change of 1 percent. It is in steady state. a. […]
Which of the following best describes the way in which human experts play chess? A. selecting one piece at a time and only considering moves involving that one piece B. evaluating 6-12 moves, stopping with the ï¬Ârst one to meet several basic criteria C. moving randomly, with a slight preference for better moves D. memorizing all possible games and repeating moves from rote memory E. […]
The following video describes auctions as price discovery mechanisms The definition of a high-quality professional business publication is one which is primarily a publication directed to reporting and/or analysis of the workings of business. Examples are: Wall Street Journal, Bloomberg, Reuters…etc. Avoid general news publications such as USA Today, Washington Post, NY Times. PLEASE DO NOT RELY ON WIKIPEDIA, INVESTOPEDIA OR ANY OTHER PEDIA AS […]
Explain why a certain triangular area is a measure of the deadweight loss of monopoly. What information do you require in order to calculate the size of this triangle? Answer:Deadweight loss is the inefficiency caused by monopoly pricing, tax, price ceilings or pricefloors. The diagram below shows the deadweight loss caused by tax, deadweightloss caused by…
Two firms produce identical, substitute goods. Market inverse demand is P=150-Q. Firm 1 has costs c(q1)=c1q1 and Firm 2 has costs c(q2)=c2q2.Find the Nash equilibrium in quantities (cournot competition)Prove the answer is a Nash equilibrium In mm i, P,: u-hé.food w, Tl.=P,IQ,-= ngc-hi:Murad hua-au, ng- ava/ag": m-aus,au, c-ug.+c45,"warm: na. na: "fig: 0.Egmu-g MR,•MQ, q-ahQF-cu •figazn, in mm a, Pa=12•’zgz…
The 130 campers at Bear Creek Campground love their own campfires but hate the smoke from their neighbors’ campfires. Each camper’s utility function is U = 22f – f 2 – s, where f is the number of hours her own campfire burns per day and where s is the amount of smoke in the air. It happens that s is 10 times the average […]
Actions for Content PaThe Price Elasticity of Demand and Tariffs In this week’s discussion your are going to be the CEO of a company. You will have to explain to your Board of Director how proposed tariffs will likely effect your profits. First, select one company. Fresh Foods on the Move – Fresh Foods on the Move imports fruits and vegetables from Mexico for sale […]
Hi there, can you please answer this question for me and explain/write the steps (detailed) of how you got there? Thank you ————————————————————————————————– Firm’s production function: Q = A(L^α)(K^β) Thus the marginal product of labor is given by: MP l = αAL^(α-1)*K^β & the marginal product of capital is: MP k = βA(L^α)K^(β-1) Suppose A=1, α = 1/2, and β = 1/2 & price of […]
In a post-Keynesian model and neo-classical model of the typical industrial firm, what determines the price at which output is sold, and what determines how much a firm produces? please refer to both theories.
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