True/False: Suppose that in the graph showing L (in the x-axis) and MPL (in the y-axis), the MPL function is a horizontal line (zero slope). This means that the production function is increasing. true or false?
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True/False: Suppose that in the graph showing L (in the x-axis) and MPL (in the y-axis), the
MPL function is a horizontal line (zero slope). This means that the production function is increasing.
true or false?
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- Homework Study Question 4 - Long Answer Our closed economy has a production function Y = A•F(K,LxE), where Y, K, L, E & A all have their usual meanings as per our lectures & course textbook. Also, this production function exhibits all the usual mathematical/economic properties we usually assume: positive marginal products, diminishing marginal products, complementarity between K & (LxE), and constant returns to scale. The aggregate consumption function depends negatively on the real interest rate, the government budget is balanced initially & the economy is in both a long-run equilibrium and steady state initially. The population growth rate is 2% per year, capital depreciates at a rate of 3% per year, the saving rate is 25% and technology is constant. Suppose the level of labour effectiveness (E) suddenly permanently rises by 10%. Use the long-run classical model to determine the qualitative impact of this shock on the long-run equilibrium levels of real output,…Imagine this economy has a 10% tax on income. The following are exogenous (not directly affected by income): G = 11 I = 4 X = M = 0 The consumption function is: C = k + cY, where k = 3, c = 0.8 Now we have to take that tax into account. Here is a way to think about it: Look at the consumption function. It says if you give me one more dollar of income I will spend 80 cents of it (mpc = 0.8). BUT I can only spend what I receive. I can only spend my after-tax or disposable income. With a 10% tax, I don't receive Y I receive 90% of Y or Y*(1-t) where t = 10% or 0.1. Let's define disposable income as Yd where Yd = Y*(1-t). Therefore we restate our consumption function as C = k + cYd Now we have, in this case, C = k + cYd or C = 3 + 0.8Yd or C = 3 + 0.8*(Y*[1-0.1]) or C = 3 + 0.72Y. Now what is the equilibrium GDP? Give the answer to ONE decimal place.Suppose the MPC is 0.8. The government wants to decrease Total Spending by $600. How should it change G to achieve this goal? Show your work?
- Assume a closed economy where Qproduced=Qconsumed. Given the production functions: x1=L1^0.43 and x2=L2^0.43, the utility function: U(x1,x2)=x1^0.32*x2^0.20, the budget constraint/iso-value line: V=p1*x1+p2*x2. What is p2/p1 (or the absolute value of the slope of the isovalue line if x1 is on the vertical axis)? Assume all workers, L, work in one of the two industries. (Answer should be to two decimal places.)A firm can produce according to the following production function: Q = F(K,L) = 20K^0.4L^0.6 What is the MPL equation? Please show stepsShow all work and EVER STEP for solving the problem. DO NOT SKIP ANY STEPS. That is the only way I can know how you solved the problem. Directions: Given the consumption matrix C and the demand matrix d, find the production vector x that meets the consumption matrix C. Hint: Recall Leontief Input Output Models.
- Suppose that an econometric study tells you that the following production function y=f(x1, x2) = xP1x²-P2 predicts well the behavior of the production side of the economy, where input 1 represents labor, input 2 represents capital, the output represents all consumer goods, and B E (0,1). Let w represent the price of labor and r the price of capital goods, and normalize the price of consumer goods to 1. (a) Write down an expression for the technical rate of substitution. (b) What happens to the ratio of labor costs to capital costs, WX1/rx2, if the price of labor over capital w/r increases? (C) Find the corresponding cost and pro fit functions. (d) Find the supply function for consumer goods.Consider an economy that is characterized by the following equations: C= 400 + 0.5 Yd I = 700 - 4000i + 0.1Y G= 200 T= 200 (MP)d = 0.75Y - 7500; (M/P)S = 600 What is the equilibrium investment (I)?Consider an economy in which the consumption, investment and production functions are as follows. C = 90+0.7(Y-T) I = 250 - 20r
- How can autonomous consumption be greater than zero when disposable income equals zero?The following are exogenous (not directly affected by income): G = 9 I = 14 X = M = 0 The consumption function is: C = k + cY, where k = 8, c = 0.6 at the point where this economy is in equilibrium what is the total level of withdrawals? Give the number to ONE decimal place.Assume that the economy is now governed by a government and begins trading with other economies. The economy is described by the following set of equations. ?=1000+0.5⋅?d ID = 600 G=700 T=400 EX=0.1⋅Y IM=100+0.1⋅Y YD = Y - T Calculate the equilibrium level of output Y* a) 2857 b) 4000 c) 6274 d) 4400 Whats the government expenditure multiplier? Whats the tax multiplier? Whats the ba;anced budget multiplier?
