The biggest national economy and the reason to remain a bigger economy than other countries.

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Answer 1

Question

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.

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A firm operates with the production function Q = K2 L. Q is the number of units of output per day when the firm rents K units of capital and employs L workers each day. The manager has been given a production target: to produce 8,000 units per day. She knows that the daily rental price of capital is $400 per unit and the wage rate is $200 day. a. What is the returns to scale of this production function? Show mathematically. b. Currently the firm employs 80 workers per day. What is the firm’s daily total cost if it rents just enough capital to produce at its target? c. Compare the marginal product per dollar spent on K and on L when the firm operates at the input choice in part (b). What does this suggest about the way the firm might change its choice of K and L if it wants to reduce the total cost in meeting its target? Explain your answer very clearly. d. In the long run, how much K and L should the firm choose if it wants to minimize the cost of producing 8,000 units of output a day?…

Answer 2

Question

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.

Answer 6

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.

Answer 7

Chapter 2, Problem 1DQ

To determine

To find:

The biggest national economy and the reason to remain a bigger economy than other countries.

Answer 8

Expert Solution & Answer

Explanation of Solution

U.S. economy is the biggest economy in the world. The reason is its unique combination of prosperity and population.

Switzerland is a richer country and India is a more populous country. No other country merges a high population with high per capita income the way the U.S. does.

Though China comes close to the U.S. despite its high labor force of almost double the entire population of U.S. China’s per capita income is far lower than here. U.S. However, it remains the “land of opportunity”.