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Assume a firm has the production function Q = 2.5K 0.4 L0.5. If this firm employs 15 units of labor and 20 units of capital and the price of the good in the market is $100 per unit, find the following:
(a) Marginal product of labor and capital.
(b) Marginal revenue product of labor and capital.
(c) Average product of labor and capital.
Should the fact that in part (a) the marginal product of labor is larger than the marginal product of capital encourage this firm to substitute labor for capital?
If total consumer expenditure remains the same after a new tax is imposed on cigarettes then spending on cigarettes will decrease and spending on other goods will increase.
What is meant when economic just say that the Federal Reserve Banks are central bank, quasi-public banks, and bankers Bank's? What are the seven basic functions of the Federal Reserve System?
Please provide a critique and literature review on "Real Estate Investors,
Using the given table, find out the quantity where MC = ATC. Find out the quantity where ATC is at its minimum. Find out the quantity that is the most efficient operating point for the firm.
Which of the following lists of exchange-rate systems is arranged in proper historical order, from earliest to most current?
Estimate the length of the tube.
According to the Solow growth model, real GDP per capita among countries should converge - In the steady-state of this economy, the marginal product of capital per effective worker
Discuss the role of cost-benefit analysis and the related concepts of cost-effectiveness analysis, cost-utility analysis, QALYs and DALYs in answering this question.
Which of the following is true in a market economy?
Which of the following statements concerning the Humphrey-Hawkins Act's unemployment and inflation targets is correct - An increase in the number of inexperienced workers in the labor force is likely to increase the unemployment rate relative to the..
You own a theater with 200 seats. The demand for seats is Q = 300 -100P. You are charging $1.25 per ticket and selling 175 seats. Your costs are fixed and do not depend on the number of people attending. Should you cut your price to fill the theater?
suppose a firm has two factories with marginal costs given byfactory 1 mc1 20qfactory 2 mc2 40qthe firm faces a
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