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The production function for a firm is given by
q = L.7 K.4 where q denotes output; Land K labor and capital inputs.
(a) Determine marginal product of labor. Show whether or not the above production function exhibits diminishing marginal productivity of labor.
(b) Calculate the output (or production) elasticity with respect to labor.
(c) Determine the nature of the Return to Scale as exhibited by the above production function. Show and explain all calculations.
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits?
Consider the recipient's perspective in the global impact of development versus relief aid. Suppose a fixed amount of aid b is given to each worker in a developing country and that donors commit to continue these aid flows indefinitely. Assume aid fl..
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At the 2013 Winnebago County Fair a vendor is offering a "fair special" on sandals. If you buy one pair of sandals at the regular price of $50, you get a second pair at a 40% discount, and a third pair at half the regular price. Javier took advantage..
Which of the following argues against Federal Reserve Bank independence?
q1. the short-run marginal cost of the ohio bag company is 2q. price is 100. the company operates in a competitive
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If, in addition, currency deposit ratio(c) is 0.05 and excess reserve ratio (e) is 0.15, what is money multiplier. Explain why money multiplier differs from simple deposit multiplier.
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Constrained Optimization in Economics 2. Minimize costs for a firm with a cost function Subject to the production quota
Final Paper Focus of the Final Paper The Capstone Paper should demonstrate understanding of the reading as well as the implications of new knowledge. The ten to fifteen page paper should integrate readings, class discussions, field research, and lite..
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