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For the production function F (K, L) = √ KL the marginal product of labor is:
MPL=1/2(K/L)^1/2
and the marginal product of capital is:
MPK=1/2(K/L)^1/2
Suppose that a firm with this production function uses 9 units of capital and 4 units of labor. Show that this production function demonstrates a diminishing marginal product of labor.
The purpose of this assessment is to help you analyze the factors that lead to fluctuations in the oil prices. Assessment Description: Use a credible source to research oil prices. Based on your research, answer the following questions: Why is the pr..
Elizabeth just cannot live the pirate life and keep that drop-dead gorgeous complexion witheut regular spa visits. She can go to the Montego Bay Retreat for a mud facial that lasts seven weeks, costing $91, or visit the crater of Mount Pelee for a la..
Suppose government spending increases. Would the effect on aggregate demand be larger if the Fed took no action in response or if the Fed were committed to maintaining a fixed interest rate? Explain why and give an example
Which of the following statements is true about extensive-form games?
A t-statistic:
In 2001, an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of leather good, and the price of leather goods? Can..
Fisher's utility function for trout (T) and salmon (S) is given by U = ST, where the MUT = S and MUs = T. Which set of consumption bundles lies on the same indifference curve?
As a means for less developed countries to attract the savings and investment necessary for economic growth and development, is short-term portfolio investment better than Foreign Direct Investment? Explain.
With an increase in income a consumer will reach a higher indifference curve. But can an increase in income also change his preferences? Discuss. Generally it is assumed that more is preferred to less. If this is the case, how could a consumer reach ..
Inflationary pressure is a growing problem for the economy. Therefore, the Federal Reserve decides to pursue a policy to reduce the inflationary pressure. Which policy changes by the Fed would reinforce each other to achieve that objective?
Assume that Country A has a population of 500,000 and only produces 1 good: cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfil all the demand. What is the composition ..
Consider a country with 5 citizens, and let be the value that citizen i attaches to protesting. Suppose v1= 4 v2= 3 v3= 2 v4=1 v5=0. Assume that the cost of protesting is the same for all citizens and is , where m is the number of protestors (so that..
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