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A firm's production function is given as Q=5L^0.4K^0.6
Where is the quantity of pencils produced, L is the amount of labor employed in the production of pencils and K is the amount of capital used in the production process.
(a) Derive the partial derivative of Q with respect to each of the independent variables ( and )
(b) Use the partial derivatives you obtained in (a) to obtain the marginal product of labor () and the marginal product of capital) if L=15,000 and K=36,000.
Discuss the implications for the Australian economy of a weaker than expected Chinese economy in 2016. Illustrate your arguments with the AS-AD model.
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heavy rains caused the flooding of the mississipi river and the missouri river as well as some of their
Apple Computer wants to have $2.1 billion available 5 years from now in order to finance initial production of a device that applies IOT technology for home.
A criminologist is interested in the effects of unemployment and policing on murder and has run the following multiple regression:
Explain how individual economic decisions affect this market failure and how economic principles can be applied to modify those individual decisions to help correct the market failure.
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A firm's production function
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The labour- force participation rate of married woman has more than doubled over the last 50 years. One economic influence on this rate was the increase in women's wages over the period. Another economic influence was the increase in men's wages
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