A plant’s production function is Q = L^1/3 K^2/3, where L is hours of labor and K is hours of capital. The price of labor services, w, is $40 per hour and of capital services, r, is $10 per hour.

a. Derive the long-run expansion path. In words describe what the expansion path represents.

b. In the short-run, the plant’s capital is fixed at K = 64. Labor, on the other hand, is variable. How much will it cost to produce 80 units of output in the short-run?

c. In the long-run, both labor and capital are variable. How much will it cost to produce 80 units of output in the long-run?

1. What is the purpose of the AD/AS model, and how are the Keynesian and neoclassical perspectives different?
2. Explain how it is possible for one economist to accept both the Keynesian and neoclassical perspectives.
3. What was the most interesting thing you learned in the "Giant Pool of Money" podcast?
4. Explain how we can model the collapse of the housing market in the AD/AS model. Hints: When the bubble burst and wealth fell so rapidly, what curve will shift? When that curve shifts, what does that predict will happen to unemployment, inflation, and GDP?

2. How does inequality form across generations? Which countries experience the greatest degree of intergenerational inequality? The least?

3. Explain the relationship between technology, institutions, differences in endowments, and economic inequality?

1. Explain how inequality is affecting the middle class? Which type of jobs have experienced the greatest growth in employment?

1. Suppose two firms, All-American Power (Firm A) and Big Energy Inc. (Firm B) have the following marginal abatement cost curves: MAC_A = 400 – 2e_A and MAC_B = 600 – 3e_B, and the government wants to use an effluent tax to keep total emissions down to 200.

1. (Question 7A: 2 Points) Using the Marginal Abatement Cost curves and the government constraint, calculate the optimal number of emissions for Firm A under an optimal effluent tax.

2. (Question 7B: 2 Points) Using the Marginal Abatement Cost curves and the government constraint, calculate the optimal number of emissions for Firm B under an optimal effluent tax.

3. (Question 7C: 2 Points) Using the information from question 7, calculate the optimal effluent tax set by the government

4. (Question 7D: 4 Points) Using the information from question 7, calculate the total cost for firm A (tax cost plus abatement cost) at their optimal number of emissions.

5. (Question 7E: 4 Points) Using the information from question 7, calculate the total cost for firm B (tax cost plus abatement cost) at their optimal number of emissions.

Explain the following:( I ) Complete elimination of corruption. ( II ) Setting practical goals with achievable targets. ( III ) Emphasis on development of human capital in the country as well as awareness amongst the masses about the development plans. ( IV ) Decentralization of execution and accountability to be entrusted to the masses for local execution of the plans. ( V ) Development plans should be designed after widespread consultation with important stakeholde

Given that you are a vice-president of a corporation and you will need to explain to your board, when asked, how would you explain the major features of monopolistic competition compared to pure competition and pure monopoly?

A short paper on the meaning of our Democracy?

Are we a Democracy?

Production quantity: 4200 units
Total labor fee: $ 12600
Ingredients: $ 21,000
Fixed cost: $ 7000
Total: $ 42,700
Unit selling price: $ 15.

This business:
a) Calculate the marginal cost?
b) Calculate your marginal income?
c) According to the marginal cost method, the price is $ but if it does not, calculate the total income?
This business wants to open up to X market abroad. Information about the X market is as follows.

Production quantity for X market: 800 units
Unit sales price for market X: $ 10
25 cent shipping cost per unit for market X
For the X market, the additional fixed cost that should be covered is $ 0.
In line with this information;
d) Calculate the marginal cost for market X?
e) Calculate marginal revenue for market X?
f) Calculate the total income in the case of no pricing for the market X according to the marginal cost method?
g) Should this business be opened to this X market abroad, based on your findings? Why is that?

What happens to interest rate, output, prices and wages; as government expenditures decrease within a general equilibrium framework?

Could you please draw related graphs to explain?

Thank you!

During the pandemic, stockpiling behaviour have been criticized in the newspapers and described as irrational. From a game theory perspective, stockpiling of toilet paper or pasta can be modeled as a prisoner’s dilemma game where individuals anticipate that supermarket will run out of stock. Explain strategic interactions behind the stockpiling behaviour, and why they can be modelled as the prisoner’s dilemma game