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For the following production functions: calculate marginal product of labor (L), marginal product of capital (K), and the technical rate of substitution. Identify if the production function exhibits constant, increasing, or decreasing returns to scale:
1) y=2K+3L
2) y=K^1/2 L^1/3
3) y=3K^1/2 L^1/2
4) y=K^1/2 L^3/2
Which of the following would most likely serve as an example of a monopoly?
In the Keynesian framework, which of the following event might cause a recession? Which might cause inflation? Sketch AD/AS diagrams to illustrate your answers. 1-2) Rapid growth in the economy of a major trading partner.
Describe the effect of each of the following events on the demand or supply of gasoline in the USA. Further indicate the likely direction in the amount of gasoline exchanged AND the expected market price.
describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic.
You are a novelist who has been published several times. None of your books have been a great commercial success, but you have established a fine reputation as a writer, and you make a decent living. Your agent works for a well-known agency which rep..
A natural monopolist has a cost structure C(q) = 400 + 25q and faces market demand D(p) = 200 - 2p. Solve for the monopolist's profit, output, and consumer surplus when price is set to average cost.
Some lenders charge an up-front fee on a loan, which is subtracted from what the borrower receives. This is typically described as "points" (where one point equals 1% of the loan amount). The federal government requires that this be accounted for in ..
Explain the basis of one of the Leading Economic Indicators. What local indicators of improved economic conditions might one see in his or her local community, town or city?
Between early 2008 and the beginning of 2009, a gradual stock-market downturn and plummeting home prices generated a substantial reduction in U.S. household wealth that induced most U.S. residents to reduce their planned real spending at any given pr..
You can write your research about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.? Discuss the risks of introducing market mechanisms of ..
Suppose that $2700 is set aside each year and invested in a savings account that pays 10% intrest per year, compounded continuously. Determine the accumulated savings in this account at the end of year 24
Suppose it is decided that rent control in New York City will be abolished and that market rents will now prevail. Assume that all rental units are identical and so are offered at the same rent. Use a diagram to show the effect on the rental market ..
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