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A widget manufacturer's production function is specied as y (K,L) = 64K^1/2 * L^1/2 in the short-run, the widget producer fixes it's capital at 400 units.
(a) Derive the rm's marginal product of labor curve.
(b) Derive the rm's average product of labor curve.
(c) If the rm has an output quota of 5,120 widgets, how many laborers must it employ in the short-run to achieve this level of production?
Barry, a Texas Crude Company engineer who did not take Engineering Economy while studying at Tech, recommended that Texas Crude purchase a special tool to reduce the cost of pumping oil out of the bayous of St. Martin Parish. As a result of Barry'..
Assume that Aquafresh own price elasticity is -1.5 and that the Colgate cross price elasticity of demand with respect to Aquafresh price change is 1. How do you interpret the own and cross price elasticities? Which brand is Aquafresh mainly competi..
Based on the information for the U.S. for the period 1970 to 1983, the following regression results were obtained, GNPt = -787.4723 + 8.0863M1t r2 = 0.9912
A customer has provided information on the value of cars, the price of gasoline, the quantity of new cars sold in United States. Gross Domestic Product per capita is also observed.
Consider the indirect utility function: v(p1; p2; m) = m /(p1 + p2) a. Derive the Marshallian demand functions. b. What is the expenditure function? c. What is the direct utility function?
A student is taking two courses, history & math. The probability the student will pass in the history course is .60 and math is .70. The probability of passing both is .50.
Determine when the exponents of a Cobb-Douglas production function sum to more than one, the function exhibits
Suppose that disposable income consumption Andy saving in some country are$200 billion, $150 billion and $50 billion respectively, next assume that disposable income increase by $20 billion, consumption rises by $18 billion and saving goes up by $..
On the same graph, draw the daily budget constraint under AFDC for the single parent. According to AFDC, the family was given an income subsidy depending on family size and the family's benefit was reduced by $1 for every dollar earned. Suppose th..
the government wants to adopt a fiscal stimulus, but is worried about raising the budget deficit, so, it decided to raise expenditure and taxes by $200 each, what will happen to equilibrium GDP? Creat a new multiplier model graph and show separate..
Use a Keynesian 45-degree diagram to show the effect of an increase in government spending and how could a reduction in tax rates increase government's tax receipts?
Recognize economic forecasts for real GDP, the unemployment rate, the inflation rate, a key interest rate, and the value of the dollar.
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