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Determine whether each of the production functions below displays constant returns to scale. Justify your answer. (Hint: You can prove constant returns to scale by doubling the inputs and checking to see if output exactly doubles) (a) Y = K0.8N0.8 (b) Y = 3K2 + 4N2 (c) Y = 10KN
In year three, the government runs a surplus of $800 million. What is the total debt of the government at the end of year three?
ECO100 Introductory Economics Assignment, King's Own Institute, Australia. What is the equilibrium price and quantity. Draw the demand and supply diagram
Why might GDP not be considered an accurate measure of economic well-being of a country? Identify at least three limitations of GDP as a measure of economic well-being.
If the price of the good is less than 8, then each type 2 demands 24 - 3p; otherwise each type 2 demands zero. If the price of the good is 6, then the total amount of the good demanded will be
Give examples of competition of firms in Oligopoly and Monopolistic Competition, from the real world. In which market will one firm's probable decision affects the other firm's decision? Try to think of situations of of how they would compete in t..
Discuss the sanctions on Russia over Ukraine by US and European countries and Russia's retaliations. Discuss the impacts on US, European countries, and Russian economies.
If a straight line passes through the point x = 12 and y = 4 and also through the point x = 4 and y = 8, the slope of this line is
Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end ..
Consider the situation of the US debt and deficit? Explain the problem. Is the deficit and the debt a problem to be dealt with or not? Explain. Why do those who worry say it is different from the World War II debt?
Look at some of the news reports on the current election campaigns. State a claim made by a candidate that is an example of the fallacy of false cause. How do economists attempt to avoid this problem
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
After suffering two years of staggering hyperinflation, the African nation of Zimbabwe officially abandoned its currency, the Zimbabwean dollar, in April 2009 and made the U.S. dollar its official currency. Why would anyone in Zimbabwe be willing to ..
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