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Plot total, marginal, and average product and explain in detail the relationship between each pair of curves.
Explain why marginal product first rises, then declines, and ultimately becomes negative.
What bearing does the law of diminishing returns have on short-run costs? Be specific.
"When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal cost is rising." Illustrate and explain graphically.
Inputs labour
Total Product
Marginal Product
Average Product
0
1
15
2
34
19
17
3
51
4
65
14
16.25
5
74
9
14.8
6
80
13.33
7
83
11.86
8
82
-1
10.25
Suppose Bank of Canada (BOC) purchases $100 million worth of government bonds from a chartered bank. Assume BOC imposes 5% legal reserve requirement ratio to the banking system.
According to the Solow growth model, a country that increases its rate of capital investment can overcome diminishing marginal returns to capital and achieve sustained high growth over time.
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
Taiwan Electronics produces 3 models of the CB radios, A, B, and C-Employ the transportation model to find out the best production schedule.
Write an equation that expresses the money supply multiplier (for M1) in terms of its three determinants.
Find the following: First solve this problem using an Excel spreadsheet approach and then do the problem using the optimization procedure; compare the answers for the two methods.
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
Show the new utility maximizing bundle of gasoline and all other goods. What is the slope of the new budget line? What is the consumer's new MRS of all other goods for gasoline?
Explain how the distinction between expected and unexpected inflation is important to the distributional effects of inflation.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Answer whether the following statements are true or false, explaining your answer in each case.
How would each of the following affect the firm's marginal, average, and average variable cost curves?
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