(Thank You).
1. Suppose an oil pump is producing 800 gallons per hour for the first 5 hours...
2) Annual coal production in the US 1975 1980 1985 (in quadrillion BTU per year) is given in the table. This is the rate of coal production and it is always increasing. It is NOT a total amount (note that the rate changes). a) Draw a graph that represents this information te 10.82 13.06 14.61 14.99 18.6019.33 22.46 e Annual coal production per year is a rate of change (i.e. derivative). Describe the function you would take the derivative of...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
Question 1 Sachith CADs production function for a given level of technology is given by q 0.25K0.25L0.75. Where q is the amount of prints per hour. Suppose the rental rate per printing machine is $52 per hour, and labor can be hired at $12 per worker hour. The company has allocated $150,000 for the initial run of prints. a. Calculate marginal products of labor and capital. b. Determine the firm's optimal capital-labor ratio (labor on the x axis) c. Construct...
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour. Draw Chilhong's budget line in a diagram with leisure and labor supply on the horizontal axis and income per day on the vertical axis. Say Chilhong chooses to earn W 100,000 per day. How much is Chilhong's leisure at the equilibrium? 1. 2. How much is Chilhong's labor supply at the equilibrium? Now suppose there is a negative income...
Suppose a single parent can work up to 16 hours per day at a wage rate of $ 10 per hour. Various income maintenance programs have been developed to assure a minimum level of income for low-income families, such as AFDC (see Problem 2). One of the problems with AFDC is that benefits were reduced by $ 1 for every dollar earned. An alternative income maintenance program is Temporary Assistance for Needy Families (TANF), which also offers a no-work benefit...
Suppose that Anna can work up to 2,000 hours per year at a wage of $15.00 per hour, that he has no other source of income, and there is not yet TANF program in place. Draw her budget constraint (name it Figure 3.1). Explain how you constructed the graph. What is the slope of the budget constraint? Explain the slope. (b) Now, let’s introduce a TANF program. Consider an income guarantee program with an income guarantee of $4,000 and a...
1. Suppose that in 2016 real GDP per person in Greenfield was $35,215. In 2015, real GDP per person in Greenfield was $34,560. What was the growth rate of real GDP per person in Greenfield for 2016? A. less than 2.0 percent B. more than 2.0 percent but less than 2.3 percent C more than 2.3 percent but less than 2.6 percent D. more than 2.6 percent but less than 2.9 percent E. more than 2.9 percent 2. Which of...
1. Suppose that corn currently costs $4 per bushel and that wheat currently costs $3 per bushel. Also assume that the price elasticity of corn is 0.10, while the price elasticity of wheat is 0.15 Both have an income elasticity of 0.10. If the price of corn fell by 25 percent to $3 per bushel, by what percentage would the quantity demanded of corn increase? What if the price of wheat fell by 33 percent to $2 per bushel? a....
Just 5-8 1 Analytics of the Solow Model In the Solow economy, people consume a good that firms produce with technology Y (which we assume to be constant) and f is a Cobb-Douglas production function Af (K, L), where A is TFP f(K, L) KL-a Here K is the stock of capital, which depreciates at rate δ E (0, 1) per period, and L is the labor force, which grows exogenously at rate n > 0. Here employment is always...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...