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Consider the production function f(L,K)=L+K. Suppose K is fixed at 2. (a) Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). (b) Graph the functions in part a. Does your answer to part b violate the rule describing the relationship between average and marginal values? Explain.
For what rate of inflation, both the options are equally attractive ? Describe two different methods of "Depreciation" an equipment / plant may undergo (with numerical example)
An increased supply of U.S. dollars on the foreign exchange market, all else equal, will result in an appreciation of the U.S. dollar. Although McDonalds operates in a market structure with many competitors and substitute foods, it often engages in _..
Kris borrows some money in her senior year the buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of-month payments thereafter. If the original note loan) is for $28,000 and interest is 0.5% per month ..
Prior to opening of trade shoes cost $50 per pair in U.S. and $10 per pair in China. If the price of shoes in U.S. were to fall to $20, U.S. demand of shoes would increase to 60 million pairs and supply would fall to 54 million pairs. What is the int..
What are the differences and similarities between a defined contribution plan and a defined benefit plan? As an employee, would you rather have a defined contribution plan or a defined benefit plan?
You expect to receive a payment of $200 one year from now. Your discount rate is 5%. What is the present value of the payment to be received? Suppose that your discount rate rises to 6%. What is the present value of the payment to be received?
Total time available is 168 hours per week. Suppose Toni's wage rate is $10 per hour, the price of the consumption good is $1 per unit, and non labor income is $320 per week. If Toni chooses to take 118 hours of leisure per week, how much of the cons..
Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case.
A statement that expresses the income statement items as a percent of total sales is called:
Although water is essential to life no matter where one lives, the demand for water differ across regions. In one study it was found that the price elasticity of demand for water in all regions of the United States ranges from 0.39 to 0.69. Why is th..
Suppose that this year the working population is 20 million workers and the number of workers grows by 8% per year. If the current level of capital in the economy is equal to 140 million, the production function is constant-returns-to-scale, and ther..
q. 1. why a favorable shock to the production function tends to reduce the price level p. how could the monetary
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