Suppose a firm uses both labor (L) and capital (K) and its long-run production function is given by the expression Q = F(L,K) = 2L × ?(L + K). The firm currently uses 10 units of capital. Complete the following table:
What will be an ideal response?
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The late Hugo Chavez, Venezuela's former president, proposed that the independence of the Venezuelan central bank be eliminated
Given the research on the relationship between central bank independence and inflation, we should expect this event to cause inflation to ________ and the real exchange rate to ________ between the two counties. (Assume the nominal exchange does not change, and that the United States is the domestic country). A) rise in Venezuela relative to the United States; fall B) rise in Venezuela relative to the United States; rise C) fall in Venezuela relative to the United States; fall D) fall in Venezuela relative to the United States; rise
Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of consumer surplus?
A) $100 thousand B) $200 thousand C) $600 thousand D) $800 thousand
Suppose a decrease in price increases quantity demanded from 8 to 12. Using the mid-point formula, the percentage change in quantity demanded is:
A. 0.1, and is elastic. B. 40 = 400 percent. C. 0.40 = 40 percent. D. 0.40 = 40 percent.
Which of the following will reduce the supply of motorcycles?
A. An increase in the population age 16 to 35, the primary consumers of motorcycles. B. An increase in taxes imposed on motorcycle producers. C. A technological improvement reducing the production costs of motorcycles. D. A government study that reveals motorcycle riders, on average, live 10 years longer than those who don't ride motorcycles.