The above figure shows the market for neckties after the government has imposed a tax. How much deadweight loss results from this tax?

In an economy, if three-fourths of national income goes to labor, and one-fourth to capital stock, the Cobb-Douglas production function for this economy will be:

A) Y = A × 1/4 × K × 3/4 × L B) Y = A × K4 × L3 C) Y = A × K1/4 × L3/4 D) Y = A × K1/3 × L2/3

Assume that the market demand for a good is p = 100 - Q. Assume that the marginal product of labor is 1 and the firm can get all the labor it needs at a wage equal to 5. Compare the quantity of labor hired if the output market is competitive with the quantity hired if the output market is a monopoly

What will be an ideal response?