Amatriya is a 50-year-old investor planning to retire in ten years. She is concerned that her nest egg is not big enough to finance the travel and active lifestyle she and her husband Tatsuya want to lead after she retires. “I’m going to ask our broker to shift more of our investments to growth stocks during the years leading up to my planned retirement,” she […]
Production Functions and Cost Functions in the short run and in the long run Margarita Robotics has a daily production function given by Q = K0.5 L0.5, where K is the monthly number of hours of use for a precision lathe (capital) and L is the monthly number of machinist hours (labor). Suppose that each unit of capital costs $40, and each unit of labor […]
Steve Slacker is 25 years old, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2000 per week he gets from his wealthy family. Seeing that Steve is becoming a permanent slacker, his family ends this weekly payment. As a result, Steve chooses to take a job that pays $1000 a week for 40 hours […]
Managerial economics classIn this assignment, you are to prepare a report analyzing the two problems below. Be sure to include your own interpretation and opinion as you prepare this report.You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($150 million last year) and a low marginal cost of producing the product […]
Draw a bowed-out production possibilities curve (PPC) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis. Discuss the implications of the following changes on the quantities of medical services and all other goods.
Per capita GDP in many developing countries depends on the fertility of land there. However, many richer economies have little land or land of poor quality. How can a country with little land or unproductive land become rich?
An internal study at Mimeo Corporation-a manufacturer of low end photocopiers-revelaled that each of its workers assembles 3 photocopiers per hour and is paid $3 dollars for each assembled copier. Although the company does not have the resources needed to supervise the workers, a full time inspector verifies the quality of each unit produced before a worker is paid for his or her output. You […]
Capital ** Assume that the country is currently producing at output C. a) Assume capital production increases by 60% . Fill in the new production possibility for capital. b) If, after the change, Harmony wishes to continue to produce the same amount of consumer goods, how many more capital goods can it now produce? __________ c) What was the opportunity cost of moving to output […]
Prior to beginning work on this discussion, read Tim Worstall’s article, One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularised Based on the article’s information and Chapter 14 in your textbook, especially Sections 14.1 and 14.2, respond to the following: What is the public choice idea or theory? Choose one real-world example of combining public choice and rent seeking […]
A decrease in the price level will a. shift the consumption function upward b. make the consumption function steeper c. result in a movement upward along the consumption function d. result in a movement downward along the consumption function e. have no effect on the consumption function
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