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An economy has the production functionY= 0.2(K+ the square root of N)
In the current period, K= 100 and N= 100
a. graph the relationship between output and capital, holding labor constant at its current value. what is the MPK? Does the marginal productivity of capital diminish?
b. graph the relationship between output and labor, holding capital constant at its current value. Find the MPN for an increase of labor from 100 to 110. Compare this result with the MPN for an increase in labor from 110 to 120. Does the marginal productivity of labor diminish?
Explain a possible cause for the change in Ns 4. Estimate the elasticity of demand for B&B professionals in the macroeconomy (calculation and explanation) 5. Graph the two equilibrium conditions 2 X-intercept for Ns; Y-intercept and X-intercept for N..
quantity price/dollars total revenue total variable costs dollars total cost dollars 0 22 0 0 50 20 20 16 66 2 19 38 3 18 54 45 95 4 17 68 59 109 5 16 80 75 125 6 15 90 93 143 7 14 98 112 162 8 13 104 140 190 9 12 108 180 230 10 11 110 230 280
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In this question we are going to incorporates investment in human capital by agents, in a form similar to physical capital. Labor units are replaced by human capital units Y = AK?(?H)1?? where • H ? Units of Human Capital • ? ? [0, 1] ? Fraction of..
A raffle is being held at a school to raise money for the library. The organizers sell 40 tickets. They will select 4 winning tickets at random for prizes. a) How many different combinations of 4 winning tickets can there be
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It can be shown that the marginal return to schooling investments is MW(s) = k0 = ps. What condition governs the optimal choice of education, s*? If r= 5% and ifk 0 = 5.25, what is the optimal schooling level? Suppose that the wage-schooling sc..
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