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According to the chief engineer at the Zodiac Company, Q=AL^aK^B, where Q is the output rate, L is the rate of labor input, and K is the rate of capital input. Statistical analysis indicates that a=0.8 and B=0.3. The firm's owner claims the plant has increasing returns to scale.
a. Is the owner correct?
b. If B were 0.2 rather than 0.3 would she be correct?
c. Does output per unit of labor depend only on a and B? Why or why not?
a two-year-old child is eating raisins one at a time from a large box. even though the child doesnt understand formal
Choose a product and state whether it has price elasticity or price inelasticity. The beginning value for year 2008 is $43,050, year 2007 starting price was $41,450, and year 2006 beginning price was $42,700.
Most macroeconomists believe it is a good thing that taxes act as automatic stabilizers and lower the size of the multiplier. However, a smaller multiplier means that the change in government purchases of goods and services, government transfers
No one will buy the good if the price is above $80 and no one will sell the good if the price is below $20. The equilibrium price and quantity if this market is perfectly competitive would be $40 at a quantity of 20.
Assume that an economy producing two products, skateboards and in-line skates, is initially in equilibrium, and that skateboards and in-line skates are substitutes. If consumer preferences shift away from skateboards and toward in-line skates, which ..
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
Explain why inequality is considered to be a social “bad” by many people. In what way could inequality be a social “good”?
Porter seeks accommodation for a religious practice unique to the Heavenly Masters. Porter's employer has never heard of this religion. In order to determine whether Porter's demand for accommodation is truly based on religion, the employer must d..
What things impact the value of the dollar Does anyone know why the Chinese Yuan remains very weak against most currencies and thus allows them to export so much Is it fair that the Yuan is made weak against other currencies
a firm in a purely competitive industry is currently producing 1000 units per day at a total cost of 450. if the firm
What is the difference between the optimal level of total consumption and the level of total consumption in equilibrium?
The highest quantity of lobsters demanded and what is the marginal net utility (consumer surplus) when the market price is $ 4.00 per lbs. why?
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