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A firm sells its output in a perfectly competitive market at a fixed price of $10 per unit. it buys tow imputs L and K at prices of $15 per unit and $50 per unit respectively and has following production function: Q=100L0.3 K0.5
a. Use calculus to show that the production function exhibits diminishing returns to labor. interpret your answer.
b. Now show that if the same production function also has diminishing returns to capital.
c. Are the return to captial and labor the same? brefly explain your answer.
Select a model that you have some experience with and determine what types of specification errors you might encounter. Provide examples to support your response. Develop two or three best practices to help mitigate the error(s) you identified above...
Suppose that an automobile costs $30,000 in the United States and 25,000 Euros in France. Further suppose that the exchange rate is .8 (one US dollar = .8 Euros).
Katie's project has a five-year term, a first cost, no salvage value, and annual savings of $20 000 per year. After doing present worth and annual worth calculations with a 15% interest rate, Katie notices that the calculated annual worth for the pro..
The neoclassical consumption model allows consumers to have access to savings. How would our conclusions about consumption in each period change if the consumer could not access markets for savings? For full credit you must support your answer using ..
q.based on the production function parametera. which industry or industries appears to exhibit decreasing returns to
If the goverment of Langkawi decides that it cannot wait for the economy to self-correct in the long-run, what policy action could it posibaly take now? what trade offs,if any, will it have to be prepared to make in term of economic outcomes?
Examine the following EVM data for the Acme project, a hypothetical construction project, to view information on the past and future performance: Calculate the cost variance (CV), schedule variance (SV), cost performance index (CPI), and schedule per..
Illustrate what is the new level of gross national debti. If 100 percent of the deficit is financed by the sale of securities to federal agencies.
Find the Following: Average Product of Capital, Average Product of Labor, Marginal Product of Capital, and Marginal Product of Labor. Given: Q = 10 K^0.3 L^0.7.
What he didn't foresee was that number of T-shirt stores in South Padre would jump from roughly 10 to 40 within two years. Now he laments.
Although strategic investment can confer an advantage on the first mover, such investment also locks in the firm. Discuss how the value of flexibility would affect our analysis of strategic advantage.
Suppose the hotel in the lecture example raised its price from $30 to $30.50. With the new price, the hotel expects 96 guests to arrive 5% of the time, 97 guests 10% of the time, 98 guests 20% of the time, 99 guests 30% of the time, 100 guests 25% of..
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