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For each of the following production functions, determine the returns to scale. Check to see whether diminishing returns for labor and capital exist for each function (Q = quantity, L = labor, K = capital) a. Q = 3L + 2K b. Q = (2L + 2K)1/2 c. Q = 3LK2 d. Q = L1/2K1/2 = (LK)1/2 e. Q = 4L1/2 + 4K
Suppose that a mysterious in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50%.
The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Since this seedless watermelon costs $4, will sell for $7, and is highly perishable, he only expects to sell betwee..
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measures used to reduce, minimise or alleviate economic difficulties many..
The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..
what is meant by the minimum cash reserve requirements referred to in this clip? b) what terminology do economics use to refer to the process described in this clip?
Elucidate how much does the gardener receive. How much does the customer pay. How much does the government receive as tax revenue.
Sheila budgets $9 per week for her morning coffee with milk. She likes it only if it is prepared with 4 parts of coffee and 1 part milk.
The price elasticity of demand is -1.2. What type of elasticity is this?
After graduating from college, you receive job offers from five different accounting firms. All job offers have a different compensation package. Is it irrational for you to accept an offer that doesn't provide the highest level of monetary compensat..
What are the social and global economic impacts on health care in the present day relating to budgetary cuts from the various levels of government (local, state, and federal)?
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Check all that apply.
A monopolist can produce its output at a constant average and constant marginal cost of:ATC = MC = 5. The monopoly faces a demand curve given by the following function: Q= 53-P. And a marginal revenue curve that is given by the function:MR = 53 - 2Q...
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