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For the following Cobb-Douglas production function, q = f(L, K) = 10.45 K0.7
a. Derive expressions for marginal product of labor and marginal product of capital, MP, and MPk.
b. Derive the expression for marginal rate of technical substitution, MRTS. c. Does this production function display constant, increasing, or decreasing returns to scale? Why? d. By how much would output increase if the firm increased each input by 50%?
Assume that Congress imposes a tariff on imported autos to protect the U.S. auto industry from foreign competition.
Assume the exchange rate is fixed. How will X - M, I, C, Y and P change in long run through AS-AS model?
Parts two and three of AMERICAN PASTORAL represent Nathan's version of Swede's life, which you are to evaluate. To what degree is this version "true," in so far as it accurately includes the information Nathan learns about Swede in Part one of the bo..
Consider an economy of three-period-lived people in overlapping generations.
For a perfectly competitive firm in the short run, are there situations where a company remains in the market even if it cannot cover its average total cost per unit at a particular output level? Explain. What would be the deciding factor in forcing ..
A wealthy executive is holding money, waiting for a good time to invest in the stock market. this action would be an example of the:
You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..
The USA is a leading exporter of cotton, but this seems to be possible only with subsidies.
Explain how fiscal policy (making changes to government spending and taxes) would affect aggregate demand (AD).
Derive the total cost function for the typical firm. (Hint: Use QA to represent the quantity produced by this firm.)
In a small, rural community, the aggregate labor supply curve is given by L^s = -40 + 10w and aggregate labor demand by L^D = 160-10w, were w is the hourly wage rate. After a national story about the quality of life in the small town, migration shift..
q.the market for tennis balls is dominated by two firms wilson and penn. the research department of wilson has
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